managed to get acquainted with the agenda of the Supervisory Board of the Bank, which will be held on Thursday, June 23. According to the agenda, in addition to the development strategy of VEB for five years, among the issues to be discussed at the meeting, the financial plan of the Corporation in 2016. The Supervisory Board discussed and approved the plan in late March, at the previous meeting, now it will only approve.
So the state spends on support for VEB in 2016 150 billion rubles, and convert short-term loans, long Bank in a subordinated loan, to account for it in equity. The Supervisory Board also approves the annual report of Vnesheconombank for the year 2015.
Thirdly, the Supervisory Board can appoint a new Director of Prominvestbank (Ukrainian “daughter” of VEB). Lead Prominvestbank, according to a source in VEB will be Andrew Horn, former Chairman of the Ukrainian savings Bank. The Agency “Interfax-Ukraine” reported today about the departure of the Horn of Sberbank. Another personnel decision that will be adopted today, the dismissal of Pyotr Fradkov, son of the Director of foreign intelligence Service of Russia Mikhail Fradkov) from the post of Deputy Chairman of VEB. Petr Fradkov will focus on the execution of the functions of the General Director of the Russian export centre — “daughter” of VEB, which will remain in his group. Still Fradkov combined two posts.
In addition, the Supervisory Board will discuss the VEB’s participation in financing preprojection the Udokan copper Deposit in Transbaikalia. As wrote “Kommersant”, VEB might enter into the capital of implementing the project of Baikal mining company (BMC), which is included into holding “metalloinvest” Alisher Usmanov. The size of the required investment is estimated at RUB 11 billion, with part of the money VEB is ready to extend itself, and the part — using the NWF.
Another question on amendments in the terms of funding by VEB of the Olympic objects.
VEB took part in the financing of 20 projects in Sochi with a total cost of 321 billion rubles, of which 248,6 billion rubles — loans of the Bank, stated in the prospectus, the Corporation’s Eurobonds in 2013. VEB faced with non-payment: at the end of 2014 “Olympic debt” to 183 billion rubles were classified by EBV as a problem. Formally they are not expired, but only due to the moratorium on the repayment of the loans extended recently till mid-2017. Without a moratorium, these loans would be officially unemployed and, in fact, we are talking about deferred losses, pointed out Fitch ratings.
The Corporation predicted that may encounter failure to perform payment obligations nine borrowers, including Vladimir Potanin’s entities (in particular, the resort “Rosa Khutor”), Oleg Deripaska (main Olympic village) and Viktor Vekselberg (hotel complex on 3.6 thousand rooms in the Imereti lowland).
Another debtor VEB is the “Spa plus”, which is in October 2015 bought at auction the resort “Gorki Gorod” (“Gornaya Karusel”) from an affiliate with “Sberbank Capital”, “SVK Holding. “Spa plus” — the structure close to the head of the Ministry of agriculture of Russia, Alexander Tkachev, said a source close to the seller, and a source familiar with the management of “hills city”. That the purchaser is a structure associated with Tkachev, citing its sources wrote Forbes.
Also the Chairman of Vnesheconombank Sergey Gorkov will submit for the approval of the Supervisory Board of new values of the state Corporation, which he presented last week: development, leadership, partnership, team, honesty, patriotism. These values, as assured Gorkov, will form the basis of the strategy of the Bank.
The official representative of VEB Andrei Lavrov did not respond to a request .
In the VEB’s Supervisory Board consists of the Chairman of the government Dmitry Medvedev, first Deputy Prime Minister Igor Shuvalov, Deputy Prime Ministers Arkady Dvorkovich, Dmitry Kozak, Alexander Khloponin, presidential aide Andrei Belousov, Finance Minister Anton Siluanov, economic development Minister Alexei Ulyukayev, Chairman of Vnesheconombank Sergey Gorkov.