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Eastern Europe
April 13, 2017 www.intellinews.com I Page 15
the Ukrainan government indicating their con- serns over the situation in the company. Without “material progress” it would be “inappropriate and untenable” for them to continue as supervisory members, they said in the letter.
Specifically, the independent board members demand the “resolution of issues” related to the electronic declarations system of Ukrainian offi- cials. According to recent amendments to Ukrain- ian legislation, financial disclosure obligations are extended to existing and potential members
Uralsib’s London business vanishes
to stardust after sale
bne IntelliNews
The Uralsib name in London has gone up in a puff of smoke after the Russian lender sold its sub- sidiary for an undisclosed sum to an emerging markets brokerage firm.
bne IntelliNews had reported exclusively in Oc- tober last year that the parent lender had put its London business up for sale, effectively uprooting the mysticism-laden legacy of its ex-billionaire founder Nikolai Tsvetkov.
As part of the sale, the Uralsib brand – synony- mous with the unconventional world of Tsvetkov
– has been dropped in favour of ITI Capital. The deal was co-financed by Da Vinci Capital, a private equity manager based in Moscow headed by Oleg Jelezko, who made a mint punting on the RTS before its merger with Micex.
of supervisory boards of state-owned companies. “It is impossible for foreigners to complete neces- sary actions with such inaction leading to poten- tial criminal claims against us,” the independent board members wrote.
Chakrabarti also said that the amendments will “seriously discourage worthy candidates” with international experience from applying for such positions and hence deprive the country of much- needed expertise for the transformation and proper governance of state-owned companies.
Uralsib's London business vanishes to stardust after sale to brokerage.
According to its website, Guernsey-based ITI Group is a brokerage firm focusing on technology and algorithmic trading, and providing “selected buy-side products” in the partnership with ITI Funds. As part of the deal, filings show that Jelez- ko will become a director at ITI Capital.
Pavel Naumenko, CEO of ITI Group, said the ac- quisition of a fully licensed UK broker is a huge step for his firm. “It cements our commitment to taking a leading position among brokers with a strong Russian and international presence,” he said.
Naumenko is an old Moscow banking hand who worked at Promsvyazbank, Sberbank, Merill Lynch and Renaisance Capital, where he is likely to have known Jelezko.