Stepashin says Bank of Moscow guilty of unscrupulous lending policy
MOSCOW. April 25 (Interfax) - Bank of Moscow lent out 100 billion rubles in unsecured credits in 2009-2010, head of Russia's Audit Chamber Sergei Stepashin said on Monday.
A review has shown the bank received 13 billion rubles in state support during that period, Stepashin said.
"They raised financial resources for economically groundless [projects], there was financing for persons known to all of you, the volume of credits offered [to them] came to 17 billion rubles, and only 3.3 million was received in the form of dividends," Stepashin said. This is being carefully followed up on, he said.
"The bank engaged in crediting without borrowers having sources for meeting their obligations to pay off debt, and took no measures to reclaim debt from borrowers," he said.