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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 13:18

Court orders Vdovin's shares in Bank M2M Europe arrested

BC, Riga, 21.08.2017.Print version
A court has ordered Andrey Vdovin's shares in Bank M2M Europe arrested, LETA found out earlier on August 18th.

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.






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