7 Russians Nominated to Bank of Cyprus Board
- The Moscow Times
- Sep. 09 2013 00:00
- Last edited 17:29
Theáseven Russian citizens nominated toáthe Bank ofáCyprus's board ofádirectors are among theácustomers most affected byáthe financial crisis that devastated theáCypriot banking system earlier this year, Vedomosti reported Friday.
Theálist ofácandidates, published ahead ofáa general shareholder meetingáTuesday, includes theánames of 49 nominees foráup toá18 board member positions.
Most ofáthe nominees are theábank's major depositors, who lost billions ofádollars when their funds were used toábail out collapsing Cypriot banks ináMarch.
Theádeal structured toábail out theábanks included theáliquidation ofáCyprus' second largest bank, Laiki, where all deposits more than 100,000 euros ($131,000) were confiscated. Funds ináthe Bank ofáCyprus were frozen.
According toáMoody's, Russian clients had about 15 billion euros worth ofádeposits ináCypriot banks ináOctober 2012.
Laiki clients are being compensated forátheir losses with shares ináthe Bank ofáCyprus, essentially giving control ofáthe enterprise toáforeigners. Cypriot Finance Minister Harris Georgiades said about 60 percent ofáthe bank would be owned byáRussians, TheáNew York Times reported.
Vladimir Strzhalkovsky, the former Norilsk Nickel CEO andá former KGB colleague of President Vladimir Putin, is theámost familiar name among the Russian nominees toáthe board ofádirectors andámay still have about $10 million ináthe bank.
Four other Russian candidatesá— Anzhelika Anshakova, Dmitry Chichikashvili, Eriskhan Kurazov andáAnton Smetaniná— were nominated byálaw firms actively working with Russian andáChinese investors.
Theátwo other Russian nominees are Deutsche Bank's deputy chairman foráEastern Europe, Igor Lazhevsky, andáVladimir Sidorov, who formerly worked as deputy head ofáthe investment consulting department atáVneshekonombank.