Moscow press review for August 10, 2011
MOSCOW. Aug 10 (Interfax) - The following is a digest of Moscow newspapers published on August 10. Interfax does not accept liability for information in these stories.
VEDOMOSTI
Sberbank has boosted its revenues due to releasing its excess reserves and increasing its credit portfolio. The bank earned over 200 billion rubles in January-July 2011. In the first half of 2010 alone, Sberbank increased its reserves by 126.9 billion rubles and then released 28.8 billion rubles in January-July 2011. Their volume amounted to 630 billion rubles as of August 1, 2011, which is 110% more than the overdue debts, Sberbank said in its financial statements. ('Gref's New Record')
Although Bank of Moscow no longer belongs to the Moscow city government, the latter is continuing to place deposits on its accounts. In particular, Moscow deposited 46 billion rubles with the bank in July. The bank said in a statement that it had won a tender for placing Moscow budget funds organized by the city finance department. Documents posted on the department website indicate that the money has been placed under annual interest rates varying from 25% of the refinancing rate (i.e., 2%) to 4.5%. The bank's press service refused to tell Vedomosti the exact interest rate for the Moscow government. ('Old Friend')
The Economic Development Ministry has forwarded a list of candidates representing the state to the Svyazinvest board of directors, which should be elected at an extraordinary shareholder meeting on September 22, 2011, Alexei Uvarov, the director of a ministry department, told Vedomosti. The candidates include Alexandre Troubetzkoy, a French citizen, who has been nominated by the Russian Communications Ministry. The list is to be cleared by the presidential office and then authorized by Prime Minister Vladimir Putin, Uvarov said. ('French Candidate')
Summa Capital is taking control of Russian grain exports by acquiring shares in two major grain terminals in the country. Vedomosti has learned from three top managers of Novorossiysk Grain Product Combine's partner companies that affiliates of Ziyavudin Magomedov's Summa Capital have acquired 27.85% in Novorossiysk Grain Product Combine from WJ Group and its principal shareholder Yury Drukker. A source familiar with WJ Group's business has confirmed that Drukker and his structures have sold all their shares in the Novorossiysk Grain Product Combine, but he does not know who the buyers are. ('Summa of Grain Ports')
KOMMERSANT
Sberbank is asking the state to grant it special terms for exporting oil from the Dulisma field, which the bank acquired in compensation for Urals Energy's unsettled loan. Starting August 1, Dulisma, as well as other oil projects in West Siberia, has been deprived of any benefits. Negotiations with Bashneft have so far been unsuccessful, and the bank believes the duties make Dulisma's future doubtful. (Page 7, 'Sberbank Looking For Way Out Of West Siberia')
The Russian Federal Property Management Agency (Rosimushchestvo) can receive more than 40% of the starting price of a state-owned 73% stake in the Vanino port due to the sale's disruption. Rosimushchestvo sued the company Seltechstroy, which won the auction, for $10 million for failing to pay for the shares. Seltechstroy's co-owner Ivan Mikoyan has already lost the deposit amounting to over $3 million by refusing to buy the stake. (Page 9, 'Ivan Mikoyan Will Pay More For Vanino')
Sberbank will enter the express crediting market at retail chains in partnership with Cetelem belonging to BNP Paribas through a special bank. To this end, Sberbank could acquire BNP Paribas Vostok from BNP Paribas. Considering that, following the restructuring of BNP Paribas's business in Russia, this subsidiary is in fact a 'blank' license, the deal would rid BNP Paribas of a spare asset and would help Sberbank distance itself from high risks in the express crediting segment. (Page 8, 'Sberbank Takes Oriental Express')
A bankruptcy procedure has been opened against Oleg Deripaska's Socium pension fund. Such measures have been applied to a private pension fund for the first time on Russia's mandatory pension insurance market. Experts doubt that the fund will be recognized as bankrupt. The situation should rather be viewed as a link in a chain of scandals surrounding private pension funds seeking to utilize nearly 1 trillion rubles of pension savings managed by the state. (Page 7, 'Sanctions Imposed On Pensions')