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The National Bank Assigns Interim Management in Belgazprombank

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The National Bank Assigns Interim Management in Belgazprombank
Nadezhda Ermakova
Photo: kp.by

Yermakova heads it now.

As of 14 June 2020, resolution No. 192 of the National Bank of Belarus introduces an interim administration of Belgazprombank from June 15, 2020. According to the press service of the NBB, the decision is taken "to protect the interests of depositors and creditors of Belgazprombank, preventing the deterioration of its financial situation".

Russian companies, Gazprom and Gazprombank, own more than 99% of Belgazprombank shares. In terms of assets and capital Belgazprombank ranked third early this year - following Belarusbank and Belagroprombank. As for profit for 2019, Belgazprombank ranks fourth after Belarusbank, Priorbank and BPS-Sberbank. Belgazprombank with the staff of 1640 people earned Br96.6 million.

Nadezhda Ermakova is appointed head of the temporary administration of Belgazprombank. Board of Belgazprombank has no right to manage the bank for the period of the interim administration.

" Given the decision taken by the Board of the National Bank, stable functioning of Belgazprombank, continuity of its activities in providing banking services and performance of its obligations to depositors and creditors will be ensured. If necessary, the above mentioned bank will receive appropriate support from the National Bank," the report says.

June 12, Russian shareholders of Belgazprombank - Gazprombank and Gazprom - issued a joint statement accusing the National Bank of Belarus of "illegal appointment of acting chairman and acting deputy chairman of the board" in Belgazprombank. "These actions are a gross violation of the legislation of the Republic of Belarus and the Treaty on the Eurasian Economic Union," the statement says.

The statement says that June 11, "the board of the National Bank of the Republic of Belarus took illegal actions on the appointment of Acting Chairman and Acting Deputy Chairman of Belgazprombank contrary to the legislation of the Republic of Belarus. "These appointments were accompanied by the detention of Belgazprombank authorized board members by law enforcement agencies of the Republic of Belarus," said the press release.

These actions "have flagrantly violated the laws of the Republic of Belarus and the Treaty on the Eurasian Economic Union and directly affect the rights and legitimate interests of Russian shareholders of Belgazprombank, as well as the interests of clients and depositors".

Belgazprombank shareholders intend to "seek the protection of their rights and legitimate interests by all available legal means, as well as take all possible measures to protect the interests of clients and ensure the financial stability of the bank," reads a joint statement of Gazprombank and Gazprom.

It will be recalled that June 11, employees of the Department of Financial Investigations of the State Control Committee came to Belgazprombank headquarters to carry out legal proceedings against a number of legal entities and individuals, said the press service of the bank. The enforcers inspected the bank until late at night.

June 12, Ivan Tertel, the head of the Investigative Committee, reported the detention of 15 people: top managers of Belgazprombank, as well as former employees of the bank, currently working in various commercial structures. Two criminal cases have been initiated: under Article 235 of the Criminal Code (Legalization of funds in especially big amount) and Article 243 (Tax evasion in especially big amount). Besides, more than 4 million dollars, as well as securities worth more than 500 thousand dollars, were seized during the investigation.

In May, Viktar Babariko left the position of chairman of Belgazprombank. He said he was going to become a candidate for the presidency.

Babariko has been managing the bank for 20 years.

The bank has been lending to the leading companies in various industries. "The bank is mainly focused on rendering services to enterprises of the fuel and energy complex, as well as medium and small businesses. As of October 2019, the total number of clients (legal entities and individual entrepreneurs) amounted to 41,211", says one of the last prospectuses of the bank's bonds issue.

Gazprombank and Gazprom each own 49.818% of Belgazprombank, while the State Property Committee of Belarus owns 0.097% shares.

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