Vladimir Vinogradov
Encyclopedia
Vladimir Viktorovich Vinogradov (Russian
Владимир Викторович Виноградов) (19 September 1955, Ufa
— 29 June 2008, Moscow
) was the owner and president
of Inkombank, one of the largest bank
s in 90s' Russia
. Considered one of Russia′s oligarchs
, he was ranked 12th in the list of the top 20 richest Russians in 1996. His bank underwent bankruptcy following the 1998 Russian financial crisis.
Vladimir Viktorovich Vinogradov was born in 1955 in Ufa, Bashkiria
. He lost his father when he was a child, and grew up in modest circumstances. He graduated from the Moscow Aviation Institute
with a degree in mechanical engineering. From 1979 until 1985 he worked at the Atommash factory in Volgodonsk
as a construction engineer. He took a leading role in the Komsomol
, the Communist Youth organisation, and was given the opportunity to continue his studies at the Plekhanov Russian Academy of Economics
, becoming the Soviet industrial bank Promstroibank’s chief economist in 1988.
In October 1988, he founded one of Russia′s first wholly private commercial bank, Inkombank, also called the Moscow Innovative Commercial Bank, which eventually became Russia’s largest private bank. Vinogradov joined Boris Yeltsin
’s business advisory council, being one of the so called “seven bankers”
, the financial groupe around Yeltsin. In 1997 he was the vice president of the Association of Russian Bankers.
In April 1992 Vinogradov declared his support for Moscow′s Mayor Yuri Luzhkov and the city government, defending them from accusations of corruption. The declaration was endorsed by other figures on the financial scene, including Vladimir Gusinsky
, Leonid Nevzlin
and Mikhail Khodorkovsky
, who formed an influential economic group known as PPI, which Vinogradov led from 1993. Although one of Yeltsin’s supporters in the years after the October 1993 crisis and an adviser to the Economics Ministry, Vinogradov critisised the government in 1995 of following too rigid an economic policy and said that the conflict in Chechnya
was damaging the economy.
In May 1996 Inkombank, with reportedly $4 billion in assets, raised $20 million in Russia's first unsecured syndicated loan from Western banks. In November 1996 Vinogradov won a libel suit against the newspaper Kommersant
and Russian TV controlled by Boris Berezovsky, who had spread rumors that Inkombank couldn′t pay its interbank borrowings, and that a Central Bank inspection report implied that the bank was near collapse, a claim denied by the Central Bank. In December 1996 Vinogradov established the first American depositary receipt for a Russian bank in the US stock market, being one of the few Russian banks that adhered to US accounting standards. In February 1997 he reportedly predicted that 1,000 banks in Russia, about half the total, were going to disappear within the next five years, most of them going bankrupt.
According to CBS Money Watch, Vinogradov had a reputation for openness and fair dealing as well as for making impulsive and politically unwise statements. He had some important international connections, such as London′s Rothschild Bank, and US consulting firm McKinsey, which had devised a business plan for him. Inkombank also had an industrial portfolio that included a minority stake in jet-fighter maker Sukhoi
and control of aluminum fabricator Samara Metallurgical. In 1995 Vinogradov acquired the Babayev chocolate factory, in Russia′s first hostile stock market takeover, a deal praised for its transparency and fairness: Even after he had gained 50 per cent of the shares, he offered the same terms to minority shareholders. On the other hand, Inkombank was accused of having been infiltrated by Russian organized crime
figures tied to Semion Mogilevich
in 1994.
In May 1998 Chase Manhattan Corp. arranged its first commercial paper program for a Russian bank with a $50 million program for Inkombank, reported to have $5.1 billion of assets. In summer 1998, during the Russian financial crisis, when the government defaulted, the bank suffered huge losses, and was granted $100 million in credit by the Russian Central Bank, but only survived temporarily. Vinogradov resigned, and two days later, on 29 October 1998, the Russian Central Bank revoked the bank′s licence, explaining that “Inkombank had taken excessive risks ahead of the August 17 devaluation and that its obligations had shrunk its asset base.” The bank was declared bankrupt on 1 February 2000. There were accusations that the management had illegally transferred funds from the bank to subsidiaries outside of Russia.
Vinogradov had two daughters and one son with his wife Liudmila. He died of a stroke
after a long illness in Moscow on June 29, 2008, aged 52.
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...
Владимир Викторович Виноградов) (19 September 1955, Ufa
Ufa
-Demographics:Nationally, dominated by Russian , Bashkirs and Tatars . In addition, numerous are Ukrainians , Chuvash , Mari , Belarusians , Mordovians , Armenian , Germans , Jews , Azeris .-Government and administration:Local...
— 29 June 2008, 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...
) was the owner and president
President
A president is a leader of an organization, company, trade union, university, or country.Etymologically, a president is one who presides, who sits in leadership...
of Inkombank, one of the largest bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s in 90s' 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...
. Considered one of Russia′s oligarchs
Oligarchy
Oligarchy is a form of power structure in which power effectively rests with an elite class distinguished by royalty, wealth, family ties, commercial, and/or military legitimacy...
, he was ranked 12th in the list of the top 20 richest Russians in 1996. His bank underwent bankruptcy following the 1998 Russian financial crisis.
Vladimir Viktorovich Vinogradov was born in 1955 in Ufa, Bashkiria
Bashkir Autonomous Soviet Socialist Republic
The Bashkir Autonomous Soviet Socialist Republic was an Autonomous Soviet Socialist Republic in the former Soviet Union. Currently it is known as Bashkortostan....
. He lost his father when he was a child, and grew up in modest circumstances. He graduated from the Moscow Aviation Institute
Moscow Aviation Institute
Moscow Aviation Institute is one of several major engineering higher education establishments in Moscow .Although the school is currently offering a wide range of majors and research...
with a degree in mechanical engineering. From 1979 until 1985 he worked at the Atommash factory in Volgodonsk
Volgodonsk
Volgodonsk is a city in Rostov Oblast, Russia, located in the eastern part of the oblast on the west bank of the Tsimlyansk Reservoir. Population: 28,000 .-History:...
as a construction engineer. He took a leading role in the Komsomol
Komsomol
The Communist Union of Youth , usually known as Komsomol , was the youth division of the Communist Party of the Soviet Union. The Komsomol in its earliest form was established in urban centers in 1918. During the early years, it was a Russian organization, known as the Russian Communist Union of...
, the Communist Youth organisation, and was given the opportunity to continue his studies at the Plekhanov Russian Academy of Economics
Plekhanov Russian Academy of Economics
Plekhanov Russian Economic University is a public university located in Moscow, Russia. The university is one of the largest Russian economic institutes of higher education and a member of several international university bodies, such as the European University Association and the European...
, becoming the Soviet industrial bank Promstroibank’s chief economist in 1988.
In October 1988, he founded one of Russia′s first wholly private commercial bank, Inkombank, also called the Moscow Innovative Commercial Bank, which eventually became Russia’s largest private bank. Vinogradov joined Boris Yeltsin
Boris Yeltsin
Boris Nikolayevich Yeltsin was the first President of the Russian Federation, serving from 1991 to 1999.Originally a supporter of Mikhail Gorbachev, Yeltsin emerged under the perestroika reforms as one of Gorbachev's most powerful political opponents. On 29 May 1990 he was elected the chairman of...
’s business advisory council, being one of the so called “seven bankers”
Semibankirschina
Semibankirschina was a group of seven Russian Business oligarchs which played an important role in the political and economical life of Russia in late 1990s...
, the financial groupe around Yeltsin. In 1997 he was the vice president of the Association of Russian Bankers.
In April 1992 Vinogradov declared his support for Moscow′s Mayor Yuri Luzhkov and the city government, defending them from accusations of corruption. The declaration was endorsed by other figures on the financial scene, including Vladimir Gusinsky
Vladimir Gusinsky
Vladimir Aleksandrovich Gusinsky is a Russian media baron, is known as the founder of Media-Most holding that included Most Bank, the NTV channel, the newspaper Segodnya and magazines.-Life and career:Gusinsky was born in Moscow....
, Leonid Nevzlin
Leonid Nevzlin
Leonid Borisovich Nevzlin is a Russian-Israeli businessman. Nevzlin was a high ranking executive at Yukos, once a Russian oil firm before it was extinguished by the Russian government. That government is requesting his extradition due to hotly disputed criminal allegations against him and other...
and Mikhail Khodorkovsky
Mikhail Khodorkovsky
Mikhail Borisovich Khodorkovsky is a Russian prisoner, considered by some - such as Amnesty International - to have been imprisoned for political reasons, jailed until 2016 and a former Russian oligarch and businessman...
, who formed an influential economic group known as PPI, which Vinogradov led from 1993. Although one of Yeltsin’s supporters in the years after the October 1993 crisis and an adviser to the Economics Ministry, Vinogradov critisised the government in 1995 of following too rigid an economic policy and said that the conflict in Chechnya
Chechnya
The Chechen Republic , commonly referred to as Chechnya , also spelled Chechnia or Chechenia, sometimes referred to as Ichkeria , is a federal subject of Russia . It is located in the southeastern part of Europe in the Northern Caucasus mountains. The capital of the republic is the city of Grozny...
was damaging the economy.
In May 1996 Inkombank, with reportedly $4 billion in assets, raised $20 million in Russia's first unsecured syndicated loan from Western banks. In November 1996 Vinogradov won a libel suit against the newspaper Kommersant
Kommersant
Kommersant is a commerce-oriented newspaper published in Russia. , the circulation was 131,000.- History :The newspaper was initially published in 1909, and it was closed down following the Bolshevik seizure of power and the introduction of censorship in 1917.In 1989, with the onset of press...
and Russian TV controlled by Boris Berezovsky, who had spread rumors that Inkombank couldn′t pay its interbank borrowings, and that a Central Bank inspection report implied that the bank was near collapse, a claim denied by the Central Bank. In December 1996 Vinogradov established the first American depositary receipt for a Russian bank in the US stock market, being one of the few Russian banks that adhered to US accounting standards. In February 1997 he reportedly predicted that 1,000 banks in Russia, about half the total, were going to disappear within the next five years, most of them going bankrupt.
According to CBS Money Watch, Vinogradov had a reputation for openness and fair dealing as well as for making impulsive and politically unwise statements. He had some important international connections, such as London′s Rothschild Bank, and US consulting firm McKinsey, which had devised a business plan for him. Inkombank also had an industrial portfolio that included a minority stake in jet-fighter maker Sukhoi
Sukhoi
Sukhoi Company is a major Russian aircraft manufacturer, headquartered in Begovoy District, Northern Administrative Okrug, Moscow, famous for its fighters...
and control of aluminum fabricator Samara Metallurgical. In 1995 Vinogradov acquired the Babayev chocolate factory, in Russia′s first hostile stock market takeover, a deal praised for its transparency and fairness: Even after he had gained 50 per cent of the shares, he offered the same terms to minority shareholders. On the other hand, Inkombank was accused of having been infiltrated by Russian organized crime
Russian Mafia
The Russian Mafia is a name applied to organized crime syndicates in Russia and Ukraine. The mafia in various countries take the name of the country, as for example the Ukrainian mafia....
figures tied to Semion Mogilevich
Semion Mogilevich
Semion Yudkovich Mogilevich is a Ukrainian-born organized crime boss, believed by European and United States federal law enforcement agencies to be the "boss of bosses" of most Russian Mafia syndicates in the world...
in 1994.
In May 1998 Chase Manhattan Corp. arranged its first commercial paper program for a Russian bank with a $50 million program for Inkombank, reported to have $5.1 billion of assets. In summer 1998, during the Russian financial crisis, when the government defaulted, the bank suffered huge losses, and was granted $100 million in credit by the Russian Central Bank, but only survived temporarily. Vinogradov resigned, and two days later, on 29 October 1998, the Russian Central Bank revoked the bank′s licence, explaining that “Inkombank had taken excessive risks ahead of the August 17 devaluation and that its obligations had shrunk its asset base.” The bank was declared bankrupt on 1 February 2000. There were accusations that the management had illegally transferred funds from the bank to subsidiaries outside of Russia.
Vinogradov had two daughters and one son with his wife Liudmila. He died of a stroke
Stroke
A stroke, previously known medically as a cerebrovascular accident , is the rapidly developing loss of brain function due to disturbance in the blood supply to the brain. This can be due to ischemia caused by blockage , or a hemorrhage...
after a long illness in Moscow on June 29, 2008, aged 52.