Russian tycoon rises from dead; investors feel ill; Mr. Smolensky is back, without their $1 billion

Article Abstract:

This is a tale of the convoluted and murky career of Alexander Smolensky, who started out in the printing business, moved to construction and then to banking. He has ties to the re-election of Boris Yeltsin and similar ties to Vladimir Putin. About former creditors who try to get some, if not all, of their money back, Smolensky says, "We'll take care of them..." Putin says that banking reform is a very high priority.

Executive changes & profiles, Officials and employees, Political activity, Behavior, Putin, Vladimir, Yeltsin, Boris, Smolensky, Alexander

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Russian Bank's assets were spirited away

Article Abstract:

SBS-Agro, a Russian banking group, has had its assets taken away. Assets were valued at as much as $1.2 billion (Euro1.29 billion), and were taken away when the bank collapsed after Russia's financial problems of 1998.

Liabilities NEC, SBS-AGRO

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Uneximbank defaults on its Eurobond debt

Article Abstract:

Uneximbank, the largest commercial bank in Russia, has formally announced that it is defaulting on its Eurobond debt. The bank becomes the first Russian insitution to default a Eurobond debt. In the week of February 1-8, 1999, Uneximbank failed to make a payment on a $250 million Eurobond. The government of Russia has defaulted on $40 billion in domestic bonds. However, the government continued to service its Eurobonds.

Comment:

Formally announces that it is defaulting on its Eurobond debt

Financial management, Abstract, ONEXIMbank

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