- Bank of Moscow shareholders elect ex- VTB employee as president
- Russian court suspends Borodin from Bank of Moscow president's post
- Borodin sells Bank of Moscow stake at knock-down price - Vedomosti
- Borodin resumes Bank of Moscow management from London office
- Bank of Moscow head Borodin not seeking political asylum in Britain
Russia's Audit Chamber will sue former Bank of Moscow President Andrei Borodin, who is currently in London, for $1 billion, Chairman Sergei Stepashin said on Monday.
"We are now filing a suit against Borodin. He has earned $1 billion, so we will sue him for $1 billion to reimburse Russia's and Moscow's budgets," Stepashin told a business conference.
According to Forbes magazine, Borodin's fortune amounts to $1 billion. The wealth was earned during Borodin's work at Bank of Moscow, the capital's investment vehicle, where he was appointed president at its inception by the then Moscow mayor Yury Luzhkov. Luzhkov was fired last autumn by President Dmitry Medvedev because of a lack of trust.
In February state-run VTB bank announced it wanted to gradually acquire Bank of Moscow. Borodin strongly opposed the acquisition.
"I am afraid though that we cannot pump the money from London, but we will try to do something, at least we will work on his nerves," Stepashin said.
The Audit Chamber announced in March, that it had questioned the quality of some loans which were issued without collateral or under a low liquid collateral, following a check of Bank of Moscow's 2010-2009 operations.
Borodin was voted out of his post as president at a Bank of Moscow shareholders' meeting last week. In mid-April, Borodin was suspended from the bank's management due to a criminal probe into a 12.7 billion ruble loan ($455 million) to an obscure real estate company. The police say the money came from the city budget and ended up in the personal accounts of Yelena Baturina, Luzhkov's billionaire wife. Bank of Moscow has said it violated no rules when issuing the loan.
Borodin is now in London for what he says is medical treatment and has denied he has asked for political asylum.
The Moscow government sold its 48.46 percent stake in the bank to VTB in February. Borodin and his aide Lev Alaluyev sold their 20.3 percent interest in the bank in April to Vitaly Yusufov, son of former Russian energy minister Igor Yusufov, but Borodin said he was unhappy about the price.
MOSCOW, April 25 (RIA Novosti)
Add to blog
You may place this material on your blog by copying the link.
During the 11th Annual Meeting to be held in Sochi from October 22 to 24, experts of the Valdai International Discussion Club will focus on whether the global community will develop ground rules for the world politics or whether it will be a game without any rules where everyone fend for themselves.