MOSCOW (Reuters) – Russian businesses and banks that face losses from the European Union’s bailout of Cyprus are considering legal action but may have a hard time making a case, say lawyers who are combing through treaties find strategies to recover funds.
Big depositors – many of them Russian – face losses of up to 40 percent as the result of a so-called ‘bail-in’ to back 10 billion euros ($13 billion) in EU financial aid to stabilize the Cypriot banking system.
MOSCOW (Reuters) – Russians responded angrily on Monday to the threat of a levy on bank deposits in Cyprus that could end the Mediterranean island’s appeal as a safe haven for their money and cost them billions of euros.
Russians have stashed away huge sums in Cyprus since the Soviet Union collapsed in 1991, making the most of low taxes and light regulation to keep their money safe and, in some cases, to launder it.
MOSCOW, March 13 (Reuters) – Russian railcar leasing company
Brunswick Rail will appoint a new CEO and a new board member as
it moves towards a possible London stock market float, senior
company officials said.
Vladimir Lelekov, who has run the company for seven years,
will step aside as CEO but stay on the board where he will focus
on mergers and acquisitions and organic growth of the company.
He will serve as acting CEO until a successor is appointed.
MOSCOW, Feb 25 (Reuters) – Russia-focused Renaissance
Capital is stripping down to become a pure-play investment bank,
and will sell off all non-core assets following its business
divorce from founder and pioneering banker Stephen Jennings, its
Confident of support from its new owner, Mikhail Prokhorov’s
Onexim Group, Renaissance Capital has completely separated from
the African-focused Renaissance Group from which it split in
November, CEOs John Hyman and Igor Vayn said in an interview.
MOSCOW/LONDON, Feb 21 (Reuters) – The sale of billionaire
Mikhail Prokhorov’s $4 billion stake in Russian gold miner
Polyus Gold to two Russian tycoons could be cleared by
UK regulators as soon as this week, several sources with direct
knowledge of the matter said.
The U.K. Takeover Panel had been reviewing the potential
sale of 38 percent of London-listed Polyus to determine whether
the buyers of the stake were acting together, or with existing
MOSCOW/LONDON, Feb 14 (Reuters) – Doubters have long said it
would make no sense to attempt a mega-merger of Russia’s top
gold miners – the country is too big, its reserves too far
flung, the politics too tricky.
But with billionaire Mikhail Prokhorov quitting Russia’s
largest precious metal miner Polyus, talk has turned to
how 40 percent shareholder Suleiman Kerimov could forge a deal
with Polymetal, the silver miner he once owned, to
create one of the world’s largest gold companies.
MOSCOW, Feb 4 (Reuters) – Moscow’s stock exchange will be
valued at up to $4.6 billion in its planned stock market
flotation, which will raise around $500 million for the company
and selling shareholders, according to a price range published
by the company on Monday.
The Moscow Exchange, Russia’s main venue for trading in
stocks, bonds, currencies and derivatives, is to float on its
own platform in an attempt to revitalise Russia’s capital
markets and convince companies to list domestically rather than
MOSCOW (Reuters) – Two Russian billionaires have been shortlisted to buy a stake in Polyus Gold (PGIL.L: Quote, Profile, Research, Stock Buzz), sources said, in a deal which could pave the way for a merger with rival Polymetal (POLYP.L: Quote, Profile, Research, Stock Buzz) to create a national gold mining champion.
Sources close to the matter said retail boss Zelimkhan Mutsoyev and fruit juice magnate Gavriil Yushvayev wanted to buy tycoon-turned-politician Mikhail Prokhorov’s $4 billion stake in London-listed Polyus Gold International Ltd.
MOSCOW, Jan 29 (Reuters) – Two Russian billionaires have
been shortlisted to buy a stake in Polyus Gold, sources
said, in a deal which could pave the way for a merger with rival
Polymetal to create a national gold mining champion.
Three sources close to the matter said retail boss Zelimkhan
Mutsoyev and fruit juice magnate Gavriil Yushvayev wanted to buy
tycoon-turned-politician Mikhail Prokhorov’s $4 billion stake in
London-listed Polyus Gold International Ltd, Russia’s top gold
MOSCOW, Jan 23 (Reuters) – Russian banker and media magnate
Alexander Lebedev on Wednesday likened his trial for throwing a
punch during a television chat show to a political witch-hunt
and said the charge of hooliganism levelled against him was
The backer of Britain’s Independent and London Evening
Standard newspapers was charged in September with hooliganism
motivated by religious, political, racial, ethnic or ideological
hatred, and could be jailed for up to five years if convicted.