21649293 Board of Directors of the Bank of Moscow has expelled the representative of the Board of VTB
Board of Directors of the Bank of Moscow on March 25 dismissed a board member Michael Kuzovleva elected to the board only on Feb. 24, 2011. This is stated in a press release of Bank of Moscow, the process of purchasing state bank VTB which resulted in a corporate conflict with minority shareholders. It was assumed that Kuzovlev, who previously worked as first deputy chairman of VTB, will head the bank after the resignation of the president of a credit institution Andrei Borodin. RIA Novosti sources close to the Bank of Moscow, reported that Kuzovlev was dismissed for gross violation of corporate ethics. Bank of Moscow, a part of the five largest credit institutions in Russia, was at the center of the conflict of shareholders after the change of principal owner. In early 2011 the Moscow government sold 46.48 percent of the shares of VTB Bank of Moscow and blocking stake Capital Insurance Group, which owns 17.32 per cent stake in the bank and the head Andrei Kostin, VTB was appointed Chairman of the Board of Directors of the Bank of Moscow. VTB has noted repeatedly that he intends to increase its stake in the bank up to 100 percent, but the top management of the bank that owns the largest minority, opposed the merger with VTB. In March, Borodin (controls with partner 20.3 percent stake in the bank) offered to sell him a share of VTB Bank of Moscow, purchased from City Hall. On Friday, March 25, the Chamber that verifies the Bank of Moscow, said it found questionable transactions in which a credit institution involved. Simultaneously, the auditors asked to suspend from the leadership of the bank's top management, which could be involved in these transactions. The representative of the Chamber said separately that can be relieved of any senior manager, up to the president.
