11 Oct 2010 13:29

VTB not to lend to Pugachev consortium against Elegest coal field

WASHINGTON. Oct 11 (Interfax) - VTB has decided against Sergei Pugachev's United Industrial Corporation (OPK) with the Elegest coal field in Tuva as collateral, VTB chief Andrei Kostin told reporters in Washington.

"No, we're not going to lend," Kostin said.

OPK had planned to borrow from VTB to settle the debts of its subsidiary bank International Industrial Bank (IIB), which had its licensed revoked last week and went into administration.

The Elegest deposit contains 946 million tonnes of hard coking coal and is one of the world's biggest.