Russia Private Sw Net

Russia Private Sw Net




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Over the last month, some well known Russian companies have gone belly up. Vladimir Putin is angry. What is going on over there? Hint: it’s not because of sanctions.
On Thursday, Putin lashed out against his own cabinet ministers for not moving to protect regional carrier VIM Airlines. Transportation Minister Maksim Sokolov said it would be “pointless” to even bother saving it. The top staff of the airline are now being investigated for fraud, a usual follow-through in Russia after important entities mysteriously go broke. Official Russia always smells a rat. Company owners are known for taking the money and running to London, or Cyprus. VIM Airlines has at least 10 billion rubles in debt, or around $170 million, and is now hoping that white knight airline Aeroflot can keep it afloat. 
Domodedovo airport-based VIM has grounded or delayed numerous flights. The carrier has not paid fuel suppliers, who now refuse to work with them. VIM Airlines is small, but was a buyer of Russian made jets by Irkut Corp. They are the 10th largest carrier in Russia. From January to September, they flew 1.8 million passengers, up 31.4% from last year. They will likely be taken over by Aeroflot. The company’s stock is down 5.5% this week. The company was unavailable for immediate comment.
The fallout began in earnest in August. Russia’s biggest private lender, Otkritie, was bailed out by the central bank. Like VIM, more fraud is expected.
The central bank did not say how much it was spending on the bail-out, but said it planned to take a minimum 75% stake after evaluating Otkritie’s financial position, Reuters reported. Otkritie’s financial needs are expected to be larger than the 2011 $14 billion bailout of the Bank of Moscow. That bank folded and got sold to VTB Bank in May 2016. Like Otkritie and VIM, more Russian fraud was to blame. Andrey Fridrikhovich Borodin, the bank’s founder, took his millions and hightailed it to London like the rest of the wealthy Russians who have — together with the Saudis, Emiratis and Chinese — helped rebuild London’s skyline.
The equivalent of as much as 45% of Russia’s GDP is held by Russians in places like London, according to the National Bureau of Economic Research. Just how much of it is from ill-gotten gains is anybody’s guess. London probably doesn’t care.
In Moscow, Otkritie is a fixture on the city’s skyline. Its blue neon sign is emblazoned on an old Soviet-era building across from the Hotel Ukraine, an ornate property by Stalin as an ode to the Russians who fought and died in World War II. It sits across the Moscow River, where the city’s new, steel skyscrapers stand as a testament to the city being home to the greatest number of billionaires in the world.
Over the years, Otkritie was busy buying up Russian mutual funds and insurers, and even a diamond mining subsidiary of Russian oil firm Lukoil. Dmitry Tulin, the central bank’s first deputy chairman, said the bank’s business practices were “questionable.” The Russian central bank has been trying to reel in Russian fraudsters, a perennial if not overwhelming task. “The bank’s operations are connected to high risks and need to be seriously changed,” he says.
On Sept. 15, the Financial Times reported that Otkritie falsified its accounts by hiding its balance sheet hole with leveraged purchases of eurobonds. Those high priced bonds were used to “sugarcoat its financials”, the central bank said.
The following week, state run enterprises said they were withdrawing funds from Otkritie and others in a similar state of financial disarray.
On Sept. 20, the central bank put B&N Bank into receivership, along with its B&N Bank Digital. The central bank is injecting around $6 billion into B&N, and is now the majority owner of the joint.
Unlike Otkritie and VIM, foul play is not the cause of B&N’s bailout needs. Its chairman and founder, Mikhail Shishkhanov, told Russian business daily Vedomosti on Monday that the main shareholders would inject 300 billion rubles into the company, also known as Binbank, in order to close the financial holes and keep the bank alive. While it is harder for B&N to tap cheaper capital in Europe because of sanctions, he singled out stricter regulations at the central bank for its problems.
“I’ve been in the market since 1993 and the central bank did things different then,” says Shishkhanov. “Today, they have changed the way they do things and are in hot pursuit of one goal: bank and corporate transparency. Nobody could have guessed that the central bank would be what it is now — in a good sense — which is tough and consistent. I know they have to look into these things now so banks are not in trouble and get worse down the road.”
Alfa Bank analyst Sergei Gavrilov said in August that two other banks, Credit Bank of Moscow and Promsvyazbank (PSB), could soon be added to the Russian central bank’s portfolio of companies. B&N Bank has a 10% stake in PSB. The European Bank of Reconstruction and Development owns another 11.7%. But if that bank fails, the question is whether EBRD can provide any financing to a Russian lender. Russian banks are sanctioned.
Credit Bank said the recent headlines about Otkritie and B&N are scaring depositors. Vladimir Chubar, chairman of the bank, said the situation was “under control. There is no panic.”
Russian private lenders are either consolidating or up for sale. Swedish group Nordea is looking to unload its Russian subsidiary. Many Western-backed venture capital firms have stopped funding new companies in Russia in order to avoid the possibility of sanctions based on lending practices. It is not illegal to lend to Russian companies, other than to Russian banks. Start-ups there have been turning to crypto-currencies to raise funds instead.
No one is blaming sanctions for VIM, Otkritie and B&N’s epic fail. Those bailouts are being blamed on Russians for getting carried away with the wiles of capitalism after the fall of communism, and the customary cronyism and kleptomania that’s played out again and again in the Russian economy.
The central bank, led by Elvira Nabiullina, a highly respected central banker on the world stage, wants to put an end to all that. She wants to crack down on fraud and get her banks in line with the Basel III accord. Basel III is a global set of reform measures developed by the Basel Committee on Banking Supervision designed to strengthen regulatory, supervision and risk management of domestic banks. The end goal is to avoid massive bank failures like those seen in the U.S. after the popping of the housing market and leveraged mortgage backed derivatives tied to housing. Moreover, if she can successfully crack down on corporate fraud, she may end up succeeding at keeping more Russian money in Russia.
So far this year, Russians have shown they have a penchant for making millions. The country recorded the highest growth rates in the world in the number of dollar millionaires, according to the annual report of the World Wealth Report.
The number of Russian citizens with a net worth of at least $1 million rose 19.7% from 2016. On average, the number of millionaires increased by 7.5% worldwide. The total number of dollar millionaires in Russia remains relatively low at about 182 thousand people compared with 4.8 million people in the U.S. and 1.2 million in China.
Gallery: Inside Moscow's Hotel Ukraine
I write about global business trends, big business dramas and investing, primarily in emerging markets. I am also a retail investor with interests in cryptocurrencies, so
I write about global business trends, big business dramas and investing, primarily in emerging markets. I am also a retail investor with interests in cryptocurrencies, so I tend to write about the investing ideas I am considering myself. Ex-WSJ in Brazil. China focused analyst at Coalition for a Prosperous America. 
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