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Friday, 19.04.2024, 13:55
Court orders Vdovin's shares in Bank M2M Europe arrested
Vdovin's shares in Bank M2M Europe
have been arrested based on a decision taken by the Queen's Bench Division at
England's High Court of Justice on July 11, 2017, according to which Vdovin has
to pay Alexander Mitroshenkov EUR
7,658,356.48.
As a result, Bank M2M Europe has
been requested to provide information about the amount of Vdovin's shares in
the bank, and Vdovin's shares in the bank may not be confiscated or registered
in somebody else's name.
According to publicly available information, Mitroshenkov is president at
Russian company Transkontinentalnaya
MediaKompania, vice-president at Russian Television Academy, and
vice-president at Russian Council of Communication Agencies.
Earlier, Financial and Capital Market Commission and European Central Bank
said that they were assessing pending changes in Bank M2M Europe shareholders' makeup.
The Financial and Capital Market Commission has received notification about
the sale of a major stake in Bank M2M
Europe, and the documents are now being analyzed. The final decision will
be taken by the European Central Bank.
In Russia, the country's Deposit Insurance Agency has filed a bankruptcy
claim against Vdovin, arguing that Vdovin has failed to pay back a USD 11
million loan to the Russian bank Finprombank.
Vdovin, on the other hand, says that he does not owe the bank anything, Russian
newspaper Kommersant reported earlier this week.
Russian bank M2M Private Bank ran into financial problems last year and had
its license revoked at the end of 2016. Vdovin, via other companies, is the
owner of the bank.
Vdovin acquired Latvia's Bank M2M
Europe, then Latvijas Biznesa Banka,
in May 2013 and became the sole owner of the bank, but by the end of 2015, his
stake in the bank decreased to 94.52 percent, then to 72.98 percent at the end
of 2016, and to 56.09 percent by this past March.
Vdovin stepped down from the bank's supervisory board on July 6.
Bank M2M Europe was the 17th largest bank in Latvia in terms of assets at the end of March
2017, according to the data of the Latvian Association of Commercial Banks.