Russian investors are trying to save their assets, depending on the bankrupt banks of Iceland. The New Times studied which of the Russians and what the distant northern island fell in love with so much
Yon works in the Taxfree Refund department at the main airport of Iceland Keflavik. Here, flying tourists return 15% of the cost of all goods purchased in the country. 1 With the collapse of the national economy, he encountered, one might say, face to face. Every day in front of its window is a long line of passengers late for a flight. The return is asked in the euro or dollars, but there are no cash, and I did not agree to take the Icelandic crowns over the past three weeks of crisis - outside
Deep Down in Downtown
But the main drama does not unfold here, but in the very heart of Reykjavik, in the so -called Downtown. Here are the central offices of three collapsed Icelandic banks - Kaupthing, Landsbanki and Glitnir. And it was here that the fate of the losers is being decided, whose assets (accounts, shares) were frozen in the ill -fated banks. According to some reports, there are many Russian names in the “black” list. So, for example, when the problems of the British unit of the Kaupthing Singer & Friedlander Ltd began, there were a 5% stake in Norilsk Nickel and 0.5% of Sberbank, which belonged to Russian entrepreneur Alisher Usmanov. According to the media, Usmanov managed, though with a large discount, to withdraw his actions from Iceland. According to rumors, Roman Abramovich, Oleg Deripaska and even the Rosneft State Oil Company were among Russian clients of Icelandic banks. As for the latter, then, according to the same rumors, as a result of the collapse of the banking system of the island state, it turned out to be literally hostage. The package of her shares was allegedly frozen among other Kaupthing assets, because He was a guarantee bail for a loan, which the bank had previously issued the Gunvor Swiss oil trader. The company, recall, is the main exporter of all Russian port oil, its co-owner is Gennady Timchenko, who began his business in the same St. Petersburg in the early 1990s.
From a hammer!
You will not envy companies frozen on the accounts of bankrupt banks now. The only way to return them is to redeem from the bank before they leave the hammer to another buyer. Banks are forced to sell their assets in order to be able to pay for debt obligations. Guided by the Icelandic Bankruptcy Law, the local parliament, together with the financial supervisory service of Iceland, introduced the committees of temporary managers into each of the three banks. Bank assets in connection with bankruptcy will now be sold out. If Rosneft's assets really lay in the burnt Kaupthing, then anyone can now purchase them. Unless, of course, the owners of Rosneft will not make this the first.
“The sale of assets of bankrupt banks has already begun, they do not remain with the state. The Committees of temporary managers specially appointed by the authorities are engaged in an interview with The New Times, lawyer Inar Joneson, who has worked in the financial supervisory service of Iceland for many years, and now advising nationalized banks. “Carrying out open auctions from the hammer is not planned, so in principle any company can apply to the Committee of temporary managers of the Bank with a proposal to buy any of its assets.”
You go quieter - further into the forest
According to The New Times, on October 17, Russian investors have already arrived at the Kaupthing head office in Reykjavik. They were interested in debt obligations (bonds) of a bankrupt bank. Why, it would seem, to invest in a bank-bankrupt in a country with a collapsed economy? “Bonds are an asset that can have demand even in default situations or complete bankruptcy of the bank, especially since in such cases they are sold with a large discount,” says the ex-chairman of the Central Bank Alexander Khandruev. -As a rule, they are bought for some offset. For example, the bank issued its bonds, and the company has a loan obligation to this bank. In this case, buying bonds allows these obligations to write off. ” “The purchase of Kaupthing debt obligations can be explained by the fact that the investor is interested in any of the assets hanging on the bank's balance sheet,” explains the former general director of Landsbanki Siguron Torkonson. “Most likely, they expect to exchange the purchased bonds for the asset itself.” Like many others who lost his work two weeks ago as a result of Landsbanki bankruptcy, Arnason is sure that such an operation can now be closed without much difficulties. “Now all three banks are partially nationalized, there will be no half -year reports for shareholders or meetings of shareholders,” the banker says. “So any information about operations with the bank’s assets may remain non -public.”
What asset at the Kaupthing bank may interest Russian investors - a “hanging” of shares of a Russian company or prospects that open with the possible issuance of a loan of a loan € 4 billion to the Icelanders possible - the issue remains open. As the New Times managed to find out, it cannot be excluded that even before the Kaupthing crisis could give the Swiss oil trader Gunvor a loan on the security of the Rosneft stake. “Under Icelandic legislation, the bank can issue a loan not exceeding 25% of the bank’s own capital,” says Siguron Tornason. - According to the data on September 29, 2008, Kaupthing’s own capital was at $ 4-5 billion, which means that theoretically they could issue a loan about $ 1 billion. But there is another option: issuing a loan under the so -called CFD scheme. 2 In this case, the size of the loan can be much higher. ”
I don’t hear, I don’t see, I don't say
In the bank itself, Rosneft's shares of Rosneft, which were possibly “hanging” on his accounts, refused to speak. “I will not comment on such information, try to understand me,” said Sigurdur Einarson, head of the board of directors of Kaupthing, in an interview with The New Times. David Gunnarsson, head of the investment attracting department, also refused to comment on anything, citing the company's policy. Their colleague Armann Torvaldsson, general director of the British Kaupthing Singer & Friedlander Ltd, turned out to be more open. “We really have several Russian customers, but I do not remember that we have ever dealt with Rosneft shares. At least I don’t know about this, ”says the banker. “But I can only tell you about Kaupthing in the UK.” Theoretically, the bank’s divisions in Luxembourg, Switzerland or Iceland could carry out such an operation. ”
The reaction of the Director of the Department of Finance Management of Iceland, Steinar Torwinson (he was a member of the Icelandic delegation, who came to Russia for negotiations on the possible issuance of a loan to Reykjavik in the amount of € 4 billion), turned out to be completely strange. To the question of the correspondent of The New Times about the possible connection between Russian credit and the interests of a number of Russian companies in bankrupt banks, the official sharply changed his tone and quickly answered: “Read our ice press release. Sorry, goodbye. " 3 At the same time, the sources of The New Times in the Icelandic Kaupthing confirmed that Russian investors who were interested in buying its debt bonds have already contacted the bank. “Their names are not disclosed,” the source added. “If the transaction takes place, then in this case there is a need to issue a loan to the Icelandic government. Why scold a lot of money into the entire economy when you can solve your issues directly with the bank? ” - says the financial analyst Kaupthing, commenting on the basis of anonymity.
From Russia, with love
Apparently, nothing can cool the Russian love for the land of geysers - even the global financial crisis. Indeed, a real tax paradise (see The New Times No. 42 of October 20, 2008), and even with pure reporting standards for all world standards (not the Kaimanovs of the island of Kakiyeni). While the financiers in Reykjavik are trying to solve the problems of a bankrupt state, wealthy Russians continue to equip their “Russian”, Iceland.
“There are more and more Russian tourists every year. The fashionable hotel “101”, a private plane landing at an airfield in the center of Reykjavik, an excursion on a private plane or helicopter to Greenland, fishing is a regular program, ”says Elena Tryphon, director of the Reykjavik tourist company Trueicaland. The bar of the hotel “101”, where the New Times correspondent met with Mrs. Trifon, is unlikely to be distinguished from any expensive Deluxe class in Moscow. But there are delights: it was here that all Hollywood stars stopped, ever arrived in Reykjavik (John Travolta was the last). Among the regular customers of the hotel, Roman Abramovich is also listed, the names of other rich Russo Touristo are not revealed, but, according to rumors, Oleg Deripaska also stopped here. Mikhail Fradkov and his wife and Anatoly Chubais, who arrived here in 2006 and 2007, respectively, preferred more conservative Hilton. For those guests whose names should be preserved in the strictest secrecy, there is another option - Ranga Hotel in the south of Iceland. “As a rule, the hotel is completely removed. By the way, Rockefeller loves to stop in it with his whole huge family, says Elena Tryphon. “In January, Russians plan to shoot the hotel, whose names, of course, are not revealed.”
Go to the Arctic
Typically, Luxury Adventures Iceland is engaged in the rest of the richest Russian guests. “The Russian direction is now the most profitable for us, we opened a special representative office in Moscow. Russian clients are distinguished by excessive exactingness to ensure that everything is done at the highest level and strictly confidentially. This is almost always - a private plane, an individual program, private apartments and no mention of names, ”said the manager of the company who asked not to name his name. So, for example, on October 23, a private plane with Russian fishermen on board landed at the very north of Iceland, near Yoya-Fjord. “They flew to go fishing for two days, a common thing,” journalists from a local newspaper explained to The New Times. Whether the coincidence, but it is here that Roman Abramovich begins the construction of a large villa. Under it, the businessman has already bought four plots of land. Construction is still being delayed due to local rules that do not allow you to build too large at home. But as the representative of the local administration Arnie Biarnason already managed to state journalists, "the rules can be revised in the near future." “Our colleagues from Akurai learned that Abramovich’s people had acquired a large Canadian -style house there for about € 500 thousand,” says Jon Bjarki, journalist of the Icelandic DV newspaper. “Presumably, builders will live in it.” Earth and the house are far from the only acquisitions of the former governor, but now the chairman of the legislative assembly of Chukotka. This summer, Abramovich bought a large fishing vessel, which the Icelandic company Slippur has already converted into a Deluxe class fashionable ship. Now, through the Northern Icelandic Fjord Abramovich, you can go sailing along the Arctic seas - the ship is equipped with all equipment for passage through glaciers. As the Icelandic press reported, a large Russian party was planned for September on the occasion of the presentation of the new "yacht" Abramovich. According to Elena Tryphon, rumors stubbornly went that even Vladimir Putin would arrive. At least, judging by the strictest secret, everything was preparing, they were waiting for the Russian guest of the highest level. But in connection with the financial crisis, the party, of course, was canceled. However, judging by how rich Russians are equipped in Iceland, the holiday continues.
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1 According to world practice, the amount of value added tax (VAT) is returned.
2 Contract for Difference, a contract for the difference. The essence of this scheme is that the bank issues a loan secured by shares and earns on a exchange rate difference.
3 The press release reported that the agreement on the issuance of the Russian credit of Iceland could not be achieved, but negotiations were ongoing.
