The "folk" shareholders of VTB compared the IPO bank with the MMM pyramid, but they will not redeem the shares back

At a meeting with the leadership of VTB, on the eve of the meeting of shareholders of the minority, planned at the end of June, not only traditionally expressed dissatisfaction with promotions, bonuses of top managers and required compensation. The "folk" shareholders first transferred their anger from the head of VTB Andrei Kostin to the Bank's Supervisory Board, who deprived them of hope for a return ransom at the price of placement, Kommersant writes on Monday.

Most of the "folk" shareholders at the meeting came with the firm intention to figure out whether the bank would compensate for the losses from participation in the "folk" IPO, which "turned out to be the second main inflation of the century after MMM." “We heard on TV and read in the newspaper that our money wanted to return us,” the shareholders said, “but in the Call Center they told us that all these were fairy tales.”

- The Ministry of Economic Development refused Kostin to tighten control over borrowers

Earlier about the intention to compensate for the losses that the "national" shareholders suffered, said VTB President Andrei Kostin, but his initiative did not find support in the Ministry of Finance , and the Bank of the Supervisory Board did not approve this idea . However, the majority of the minorityites who came to the meeting did not know how the events around this initiative of the head of the bank developed, and before the meeting, Mr. Kostin was a “main enemy” for them.

Kommersant recalls that as a result of the public placement of shares in May 2007, more than 120 thousand Russian citizens became shareholders of VTB, each acquired shares worth at least 30 thousand rubles. The capital of the bank as a result of the IPO increased more than doubled to 375 billion rubles. Now individuals own 4.8% of VTB shares, the state is 77.5%, 17.7% to institutional investors. On Friday, the bank shares cost 4.46 kopecks on the MICEX, which is 67% lower than the placement price (13.6 kopecks).

At the meeting of the minority, they tried to convey their opinion to Andrei Kostin through the representatives of VTB at the meeting. As usual, first of all, the "folk" shareholders were interested in who and how to suffer the "loss of their funds" and "when this inflation ceases." One of the minorityites proposed to tie the size of remuneration of members of the Bank of the Bank to the dynamics of VTB shares.

A storm of emotions and screams addressed to the financial director of the bank Nikolai Tsekhamsky raised the question of the redemption of shares from the minority orals. The shareholders argued that they are in need of returning invested funds, because during the crisis “not enough for bread”. Tsekhosky said that this topic was actively discussed, but "unfortunately, at this stage I did not find support in the observation council."

Having twice hearing a link to the decisions of the Supervisory Board, the shareholders transferred anger for their failures from Andrei Kostin to this body. Minoritarians outraged that the "mysterious nabbivot" decides their fate and "never appears in the eye."

The publication notes that the chairman of the supervisory board of VTB is the Deputy Prime Minister, Minister of Finance Alexei Kudrin, members of the President of the Russian Federation Arkady Dvorkovich, PFR Chairman Anton Drozdov, President of the Board of VTB Andrei Kostin, Deputy Head of the Federal Property Management Agency Yuri Medvedev, Deputy Minister of Economic Development, Deputy Minister of Economic Development, Director of the Department of Financial Policy The Ministry of Finance Alexei Savatyugin, Deputy Minister of Finance Anton Siluanov, first deputy chairman of the Central Bank Alexei Ulyukaev. The Nabskove also includes two independent members - the managing director of Nord Stream AG (Switzerland) Matias Varnig and the rector of St. Petersburg State University Nikolai Kropachev.

Not embarrassed by the lack of a direct connection with the supervisory council, the minoritytarians began to offer options for compensating their losses. Realizing that they would not wait for the reverse ransom of shares, the shareholders decided to benefit from the upcoming additional ministry. They put forward the idea: to shareholders who bought papers in May 2007, to issue packages of shares of a new emission, which will be held in the fall.

Minority has made a number of proposals - to compensate for the losses of investors over 68 years old, because they certainly “will not survive until the day when the shares grow”, provide preferences for shareholders upon receipt of loans in VTB 24 and even exchange VTB shares for Paper Rosneft and Sberbank. In the absence of members of the Supervisory Board, to reject all these proposals to Tsekhomsky.

The same publication reports that the VTB loss before taxes in April amounted to 22.6 billion rubles. The State Bank has become unprofitable in connection with the need to form increased reserves for possible losses on loans. On May 1, the volume of formed reserves for possible losses for loans to companies amounted to 3.2% of the portfolio in VTB (its volume is 1.5 trillion rubles).

The Ministry of Economic Development refused Kostin to tighten control over borrowers

It also became known that the Ministry of Economic Development restrainedly reacted to the initiatives of the head of the VTB Andrei Kostin to tighten control over borrowing companies . Mr. Kostin sent the corresponding letter to President Dmitry Medvedev, who sent him to the government and the Supreme Arbitration Court.

As Kommersant said the deputy director of the Department of Corporate Administration of the Ministry of Economic Development Dmitry Skripichnikov, the problem of banks is understandable, since overdue debts are growing. According to Kommersant’s estimates, on the basis of the data of the looping statement of the boiler (form 101) 942 of banks on May 1, the share of overdue loans to legal entities increased per month from 3.5 to 4% (growth from the beginning of the year - 1.8 percentage points), the share increased from 4.7 to 5.1% in individuals (growth from the beginning of the year - 1.4 percentage points).

Banks are interested in expanding the mechanisms that impede the unscrupulous actions of borrowers, but all decisions made should be balanced from the position of creditors, debtors and society, Mr. Skripichnikov notes. The first deputy chairman of the Bank of Russia, Gennady Melikyan, said that he generally supports the initiative of Andrei Kostin. “Each borrower has its own situation, sometimes hopeless,” said Mr. Melikyan, “but it should be noted that many borrowers do not pay not because they cannot, but because they do not consider it necessary. And this must be fought, including at the legislative level.”