International Industrial Bank
Encyclopedia
International Industrial Bank (in Russian
: Международный Промышленный Банк, often abbreviated as Mezhprombank, Межпромбанк, or MPB, МПБ) is one of the largest Russia
n banks founded in 1992 by Sergey Pugachyov
and Sergey Veremeyenko. It is not to be confused with another Russian bank officially called Mezhprombank
(Interindustrial Bank).
On July 6, 2010, IIB failed to pay €200 million in maturing eurobond
s. The bank is in discussions with bondholders, the Central Bank of Russia, and depositors to stabilize its deteriorating liquidity position.
On 30 November 2010, a Moscow court declared the bankruptcy
and the insolvency
of this bank
In 2006 the bank uncovered that OPK Trust Company based in New Zealand
owns 100 percent share of it. OPK Trust Company is controlled by Sergey Pugachyov
.http://www.banki.ru/news/bankpress/?ID=188826
Sergey Pugachyov
, now a member of the Federation Council of Russia
representing Tuva
, had been the Chairman of the Board of Directors of Mezhprombank until January 2002.
On November 26, 2001, Novaya Gazeta
published an article by Oleg Lurie claiming that the management of the bank had been involved in money laundering in the Bank of New York
(full text of the article in Russian: http://2001.novayagazeta.ru/nomer/2001/86n/n86n-s08.shtml). The International Industrial Bank in response brought a libel suit against the newspaper citing financial losses, as a number of its customers had allegedly changed the terms of their accounts in a loss-making way because of the publication. On February 28, 2002, the bank won the case in Moscow
's Basmanny municipal court and was awarded 15 million ruble
s (about $500,000) in lost revenue, an unprecedented sum for Russian newspapers. In April the decision was reconfirmed by a court. However, in an article of May 27, 2002 (full text in Russian: http://2002.novayagazeta.ru/nomer/2002/37n/n37n-s08.shtml), Yulia Latynina
, a journalist of Novaya Gazeta, revealed that the bank's three customers named in the lawsuit were its subsidiaries or otherwise controlled by its board of directors, and claimed that Novaya Gazeta had requested to open a criminal fraud investigation into the activities of the bank. As a result, in June 2002 the bank renounced its claim to the compensation. http://www.cdi.org/russia/johnson/7083a.cfmhttp://www.felshtinsky.com/books/put/Put_7.doc
Russian language
Russian is a Slavic language used primarily in Russia, Belarus, Uzbekistan, Kazakhstan, Tajikistan and Kyrgyzstan. It is an unofficial but widely spoken language in Ukraine, Moldova, Latvia, Turkmenistan and Estonia and, to a lesser extent, the other countries that were once constituent republics...
: Международный Промышленный Банк, often abbreviated as Mezhprombank, Межпромбанк, or MPB, МПБ) is one of the largest Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
n banks founded in 1992 by Sergey Pugachyov
Sergey Pugachyov
Sergey Viktorovich Pugachyov is a Russian "oligarch", formerly also a politician.-Early life:The son of an army officer, Pugachyov was brought up in Saint Petersburg, where he studied art. As a young man, he became a friend of Vladimir Putin....
and Sergey Veremeyenko. It is not to be confused with another Russian bank officially called Mezhprombank
Mezhprombank
Mezhprombank is a Russian open joint stock bank founded in 1994 as JSC LAKAR. In 1997 it was transformed into open joint stock bank and renamed to Mezhprombank. Oksana Mamaeva has been its CEO since October 20, 2005. It is not to be confused with the International Industrial Bank , which is also...
(Interindustrial Bank).
On July 6, 2010, IIB failed to pay €200 million in maturing eurobond
Eurobond
A Eurobond is an international bond that is denominated in a currency not native to the country where it is issued. It can be categorised according to the currency in which it is issued. London is one of the centers of the Eurobond market, but Eurobonds may be traded throughout the world - for...
s. The bank is in discussions with bondholders, the Central Bank of Russia, and depositors to stabilize its deteriorating liquidity position.
On 30 November 2010, a Moscow court declared the bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
and the insolvency
Insolvency
Insolvency means the inability to pay one's debts as they fall due. Usually used to refer to a business, insolvency refers to the inability of a company to pay off its debts.Business insolvency is defined in two different ways:...
of this bank
In 2006 the bank uncovered that OPK Trust Company based in New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
owns 100 percent share of it. OPK Trust Company is controlled by Sergey Pugachyov
Sergey Pugachyov
Sergey Viktorovich Pugachyov is a Russian "oligarch", formerly also a politician.-Early life:The son of an army officer, Pugachyov was brought up in Saint Petersburg, where he studied art. As a young man, he became a friend of Vladimir Putin....
.http://www.banki.ru/news/bankpress/?ID=188826
Sergey Pugachyov
Sergey Pugachyov
Sergey Viktorovich Pugachyov is a Russian "oligarch", formerly also a politician.-Early life:The son of an army officer, Pugachyov was brought up in Saint Petersburg, where he studied art. As a young man, he became a friend of Vladimir Putin....
, now a member of the Federation Council of Russia
Federation Council of Russia
Federation Council of Russia ) is the upper house of the Federal Assembly of Russia , according to the 1993 Constitution of the Russian Federation...
representing Tuva
Tuva
The Tyva Republic , or Tuva , is a federal subject of Russia . It lies in the geographical center of Asia, in southern Siberia. The republic borders with the Altai Republic, the Republic of Khakassia, Krasnoyarsk Krai, Irkutsk Oblast, and the Republic of Buryatia in Russia and with Mongolia to the...
, had been the Chairman of the Board of Directors of Mezhprombank until January 2002.
On November 26, 2001, Novaya Gazeta
Novaya Gazeta
Novaya Gazeta is a Russian newspaper well known in the country for its critical and investigative coverage of Russian political and social affairs....
published an article by Oleg Lurie claiming that the management of the bank had been involved in money laundering in the Bank of New York
Bank of New York
The Bank of New York was a global financial services company established in 1784 by the American Founding Father Alexander Hamilton. It existed until its merger with the Mellon Financial Corporation on July 2, 2007...
(full text of the article in Russian: http://2001.novayagazeta.ru/nomer/2001/86n/n86n-s08.shtml). The International Industrial Bank in response brought a libel suit against the newspaper citing financial losses, as a number of its customers had allegedly changed the terms of their accounts in a loss-making way because of the publication. On February 28, 2002, the bank won the case in Moscow
Moscow
Moscow is the capital, the most populous city, and the most populous federal subject of Russia. The city is a major political, economic, cultural, scientific, religious, financial, educational, and transportation centre of Russia and the continent...
's Basmanny municipal court and was awarded 15 million ruble
Russian ruble
The ruble or rouble is the currency of the Russian Federation and the two partially recognized republics of Abkhazia and South Ossetia. Formerly, the ruble was also the currency of the Russian Empire and the Soviet Union prior to their breakups. Belarus and Transnistria also use currencies with...
s (about $500,000) in lost revenue, an unprecedented sum for Russian newspapers. In April the decision was reconfirmed by a court. However, in an article of May 27, 2002 (full text in Russian: http://2002.novayagazeta.ru/nomer/2002/37n/n37n-s08.shtml), Yulia Latynina
Yulia Latynina
Yulia Leonidovna Latynina is a Russian journalist, writer and radio host. She works at the radio station Echo of Moscow. She also writes for Novaya Gazeta and The Moscow Times.-Writer, journalist and radio host:...
, a journalist of Novaya Gazeta, revealed that the bank's three customers named in the lawsuit were its subsidiaries or otherwise controlled by its board of directors, and claimed that Novaya Gazeta had requested to open a criminal fraud investigation into the activities of the bank. As a result, in June 2002 the bank renounced its claim to the compensation. http://www.cdi.org/russia/johnson/7083a.cfmhttp://www.felshtinsky.com/books/put/Put_7.doc
Board of directors
(as of February 2007)- Gerald Kowalski (Chairman)
- Alexander Gnusaryov (Deputy Chairman)
- Bert Vos
- Galina Goreva
- Vladimir Grechushkin
- Gustav Stenbolt
- Didier Deconinck
- David Henderson-Stewart
- Inna Yevdokimova
- Jean-Paul Dessertine
- Sergey MelnikovSergey MelnikovSergey Melnikov is a retired Russian middle distance runner who specialized in the 1500 metres.He finished tenth at the 1991 IAAF World Indoor Championships and won a silver medal at the 1992 European Indoor Championships. He competed at the 1991 World Championships, but only reached the...
- Nina Oreshkina
- Natalia Samkova
- Maria Safonova
- Dmitry Sakhno
- Serge de Pahlen
- Andrey Snitko
Management
(as of February 2007)- Alexander Gnusaryov (Executive Direction Chairman)
- Natalia Samkova (Manager)
- Alexander Didenko (President)
- Sergey MelnikovSergey MelnikovSergey Melnikov is a retired Russian middle distance runner who specialized in the 1500 metres.He finished tenth at the 1991 IAAF World Indoor Championships and won a silver medal at the 1992 European Indoor Championships. He competed at the 1991 World Championships, but only reached the...
(First Deputy Manager) - Anatoly Ivashchenko (First Deputy Manager)
- Maria Safonova (First Deputy Manager)
- Andrey Snitko (First Deputy Manager)
- Galina Avanesova (Deputy Manager)
- Galina Goreva (Deputy Manager, Chief of the Internal Control Service)
- Inna Yevdokimova (Deputy Manager)
- Oleg Klimanov (Deputy Manager)
- Alexander Kuzmin (Deputy Manager)
- Irina Letunovskaya (Deputy Manager)
- Sergey Lipanov (Chief Accountant)
- Marina Ovsyannikova (Deputy Manager)
- Kirill Sviridov (Deputy Manager)