11 Mar 2012 14:00

Boroidin asks prosecutor to probe VTB's Bank of Moscow share purchase

MOSCOW. March 11 (Interfax) - Andrei Borodin, former president of Bank of Moscow (BoM) , is asking the Russian Prosecutor General's Office to investigate what he believes to be the illegal purchase by VTB of shares in BoM previously owned by the City of Moscow.

"The block of shares was acquired without the necessary auction as stipulated by Russian privatization law, and in breach of other legal requirements," Borodin says in a statement, seen by Interfax, for the prosecutor general, Yury Chaika.

Borodin claims that VTB was no entitled to buy the shares "by virtue of the fact that it was 75% state-owned and therefore was unable to participate in the privatization of state property," the statement says.

"In my opinion, in connection with this, all subsequent actions by the VTB Group with respect to