On Friday evening, February 26, first Deputy Prime Minister Igor Shuvalov has presented to the Bank’s staff the new Chairman of the state Corporation Sergey Gor. According to a source in VEB, Gorkov assured employees that the Bank will remain a development institution and will have for the country important. This was confirmed by another source in the state Corporation.
The new Chairman of the state Corporation promised that in the near future will not change the team, said the source in the web. According to him, on Saturday, February 27, Gorkov will hold a forty-minute meetings with each member of the management Board of the Bank. Another source in the state Corporation noted that turnover of staff can still be, and it will primarily affect mid-level managers.
February 26, Friday, President Vladimir Putin by his decree dismissed the Chairman of Vnesheconombank Vladimir Dmitriev and was appointed to the post by Sergey Gor, until recently, was the Deputy Chairman of Sberbank. Gorkov, graduated from the FSB Academy, he worked in senior HR positions in oil companies Yukos. In November 2008 he was appointed Director of the HR policy Department of Sberbank, and in October 2010 became Deputy Chairman of the Bank.
Gref advises not to rush
The arrival of the “man Gref” Sergey Gor for the post of head of VEB still discomfited officers of the Corporation, said a source at VEB. In his opinion, a serious transformation of the development Bank is not be avoided if the Gorkov would adopt the position previously voiced by the head of the savings Bank.
At the end of last year, Gref on air of TV channel “Russia 24” stated that we should not rush to provide additional support to Vnesheconombank. “How to restore health (VEB), I think the question remains open. I personally support the view that is now expressed by the Minister of Finance and the Ministry of Finance. It seems to me that we should not hurry to run to save, we need to understand why in this situation came first, and then step by step strictly necessary to determine the amount of aid”, — the words of Gref, the newspaper “Vedomosti” with reference to his interview to “Russia 24”.
The resignation of Vladimir Dmitriev as head of VEB, probably, is connected with the fact that he’s running errands, “not informed about the risks”, told earlier a source in the government. By the middle of 2015 the web has accumulated $20 billion of foreign debts.
The debts and losses of Vnesheconombank
$20 billion foreign debt amassed the web by mid-2015
In $3 billion has been evaluated by the Deputy Minister of Finance Tatyana Nesterenko, the volume of payments on external debts of the Bank in 2016
73,5 billion rubles of damages received by VEB under IFRS for the first half of 2015
250 billion rubles of net loss received the VEB by the end of 2014. This figure was a record for the Bank
No less than 240 billion rubles of loans issued by VNESHECONOMBANK for the construction of Olympic facilities in Sochi 2014. 183 billion of them by the end of 2014, the Bank acknowledged the problem
17.2 per cent was the share of problem loans in the loan portfolio of VEB at the end of 2014
In 1.34 trillion rubles was estimated in December 2015 the salvation VEB Finance Minister Anton Siluanov
Sources: annual reports of VEB, media reports, the Ministry of Finance
A source close to VEB said earlier that the country’s leadership would like to appoint the Chairman of the state Corporation Herman Gref, but “because it is unreal, we [chose] one of his deputies, which Gref word”. So, in an interview with TV channel “Russia 24” Gref noted that my EBV was preparing a law that forbade him to engage in “any ordinary commercial activity.” According to the document, the Corporation could lend only important for the country’s socio-economic projects, but this was not observed.
“Vnesheconombank has acquired subsidiary banks, and if you look at the structure of bad assets, this is largely just such an attempt, an unsuccessful attempt to compete with commercial banks. Trying to compete over the fact that today would have to save an institution that was established to rescue,” stated the head of Sberbank. In the 2008-2009 financial crisis, the VEB began to perform functions that were not initially spelled out in his concept, he took on the rescue of commercial banks, GLOBEXBANK and Sviaz-Bank, and intervened in the stock market.
Last week the source Agency TASS and the newspaper “Vedomosti” said that Gref may be elected to the Supervisory Board of VEB. If Gref enter in the Supervisory Board, he will be indirectly involved in the work of VEB,” — said earlier, one of the interlocutors in the web. According to a source, the government believes that Gref will help to build a system in which VEB will conduct the examination of projects in which invest money, not to make loans “under the pointer”. However, on February 26, Gref, answering the journalists ‘ questions in Sochi, has denied that may enter the Supervisory Board of the Corporation.
The dispute over “Krasnaya Polyana”
Between VEB and Sberbank recently had a conflict. In mid-December of last year VEB as one of the main creditors of “Krasnaya Polyana” has blocked the sale of the Sberbank Sochi resort “Gorky Gorod”, although the buyer, the company “the Resort plus”, has signed a contract with the seller yet October 12.
The resort “Gorky Gorod” includes the ski complex “Mountain carousel”, luxury hotels, residential properties, cafes, restaurants and Nightclubs.
All coordination and payment, should pass within two months from the date of the contract. In the auction documentation indicated that the transfer of ownership will take place only after receipt by the parties of all necessary approvals, including the decision of the Federal Antimonopoly service (FAS) and the consent of the Bank.
The total cost of the project “Gorky Gorod” was 70.3 billion rubles, of which 52 billion rubles — loans of the Bank. “The concerns of VEB is clear: on the one hand the investor, backed by a large Bank, with other strange company, — was explained earlier the General Director of consulting company Macon Realty Ilya Volodko. In such circumstances, the risk of default funds is great. In the event of default on the loans VEB will probably be able to pick up “the Red Glade” for debt, but the Corporation doesn’t need it, and the return of their funds”. “The resort plus” — the structure close to the Minister of agriculture, Alexander Tkachev, told a source close to the seller, and a source familiar with the management of “Hills city”.
In late December German Gref told journalists in Sochi
Sberbank has closed a deal to sell NAO “Krasnaya Polyana”, which owns the ski resort “Gorki-Gorod”.