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Bank of Moscow may sue former CEO for EUR 282.6 million

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10:49 28/05/2013

MOSCOW, May 28 (RAPSI) - If the Bank of Moscow decides to sue its former chief executive Andrei Borodin, it will claim CHF 354 million, around EUR 282.6 million, the sum total of the money in Borodin's frozen Swiss bank accounts, the bank's press office told Prime business news agency.

Kommersant newspaper wrote on Monday that the Swiss Office of the Attorney General (OAG) had launched a criminal case against Borodin, had arrested the CHF 354 million (around $368 million) in his Swiss bank accounts and had declared Bank of Moscow an injured party in the case. The paper speculated that Bank of Moscow might shortly file for damages, to be paid from Borodin's arrested funds.

Borodin clashed with state-controlled VTB, which is 65% owned by the Russian government, after it took over Bank of Moscow. He fled Russia in 2011, leaving the new shareholder with RUB 366 billion (around $12 billion) of distressed assets. The Russian legal authorities filed fraud charges against him.

In November 2011 the Russian Interpol bureau put Borodin and his former first deputy Dmitry Akulinin on the international wanted list. In March 2013 Borodin was granted political asylum in the UK.

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Bank of Moscow may sue former CEO for EUR 282.6 million

10:49 28/05/2013 If the Bank of Moscow decides to sue its former chief executive Andrei Borodin, it will claim CHF 354 million, around EUR 282.6 million, the sum total of the money in Borodins frozen Swiss bank accounts.
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