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. Last Updated: 07/27/2016

Manager Battles to Clear His Record at Inkombank

An Inkombank external manager accused of approving 14 suspect transactions involving more than $100 million defended his record Monday, saying he has submitted over 300 kilograms of documents on hundreds of suspicious transactions to law enforcement authorities.

"We have submitted 47 letters [and supporting documents] to the Audit Chamber and law enforcement agencies … [referring to] hundreds of suspicious transactions," Vladimir Alekseyev said. The bank has recovered about 9 billion rubles ($300 million) from suspect deals for disbursal to creditors, he added.

The Inkombank creditors' committee filed a petition last week with the Moscow arbitration court to remove external manager Alekseyev from his post.

The committee also asked the court to temporarily bar him from carrying out his duties as manager for receivables and operations until it came to a decision.

The Moscow arbitration court is to review the petition on Sept. 4, Alekseyev said.

Maxim Finsky, head of the creditors' committee, said they voted to request that the court oust Alekseyev because he had not given the committee the documents they requested concerning certain suspicious transactions. The Central Bank, also represented on the committee, abstained from the vote, Vedomosti reported.

Alekseyev said he would step down if ordered to do so but criticized the committee's shoot-first-and-ask-questions-later method. "Suspicions are no reason to accuse someone of embezzlement. … Where's the fire? Give me a chance to meet and explain. … Give me enough time to collect and hand over the documents in accordance with procedure," he said. The creditors' committee is to meet Tuesday to review his work, he said.

The suspect transactions include several he signed on the committee's authority, he said. Under one such deal, Mezhregionalny Investitsionny Bank agreed to transfer a 16.4 percent stake in the Baltiisky factory that MIB had purchased using Inkombank funds. MIB owed Inkombank $7 million, but valued the stake at only $1.5 million, he said.

Finsky, who is also deputy head of MFK Bank, said last week that Inkombank's 26 percent stake, including the shares transferred from MIB, in the Baltiisky factory, a shipyard in St. Petersburg, would be sold as a blocking share to get a higher price of up to $30 million.

Rosbank and MFK Bank, both part of the Interros group, tried earlier this year to remove another of the three external managers, Alexander Yesin, but the court rejected the petition. Yesin is the man tapped to replace Alekseyev if the court upholds the

new request from the creditors' committee.

Inkombank sources said Rosbank has a bone to pick with Alekseyev for not transferring $21 million in funds to repay creditors from Sberbank to Rosbank, Vedomosti reported. Alekseyev said he has tried, but Sberbank refused. "Maybe they couldn't. Maybe they didn't want to," he said.