Sunday, January 23, 2011

Official portrait of Vladimir PutinImage via WikipediaA New Zealand registered Russian owned bank goes bust owing NZ$4 billion dollars...

A Russian commercial bank with a Kiwi-registered parent company   with links to former Russian president Vladimir Putin has gone bust owing NZ$4 billion dollars.

The International Industrial Bank (IIB) was declared insolvent by a court in Moscow late last year with liabilities reportedly numbering R$2.8 billion (NZ$4 billion) to creditors including the Central Bank of Russia.

Russia's Deposit Insurance Agency was appointed to look after the failed bank's affairs.

IIB was controlled by Russian oligarch, Sergei Pugachev nicknamed cashier by the Kremlin because of his relationship with the now Prime Minister Putin.

Pugachev controlled the bank but ultimately its parent company was the New Zealand registered OPK Trust Company, IIB's website confirmed.

Why a New Zealand connection one might ask?
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Multibrand said...

Hi Peter,
Business condition in Russia seems to be difficult.

Kiwi Riverman's Blogesphere said...

Some funny business with that bank?