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July 5, 2019 www.intellinews.com I Page 11
Russian tycoon Vekselberg more than doubles capital of Renova
IntelliNews Pro
Sanctioned Russian billionaire Viktor Vekselberg increased the capital of his Renova Holding almost two-fold to RUB87.9bn ($1.4bn), Vedomosti daily reported on June 30 citing the state enterprise registrar. It is not specified whether the capital was increased in cash or other assets.
This makes the second time this year Vek- selberg boosted the charter capital of Renova, increasing it by over a million times to RUB35.78bn in March.
Analysts surveyed by Vedomosti previously suggested that Vekselberg could be preparing
to move Renova into Russian jurisdiction, as well as attempts to minimise impact of sanctions, possible inclusion of construction projects that would require larger capital, or tax optimisation.
Commenting on the second consecutive increase of the capital of Renova the analysts believe that Vekselberg could be channelling compromised foreign assets under Renova's umbrella, or increasing the value of Renova ahead of merger deals and/or internal restructuring.
The April 6 2018 round of US sanctions hit Vekselberg and fellow billionaire Oleg Deri- paska the hardest. Since then Vekselberg's has been reducing his stakes in energy and industrial assets in Russia and Switzerland to protect these companies from punitive sanctions action.
Read the full story here
Moldova’s banking sector turning the corner
Moldova has long been a money-laundering black hole. Then in 2014 they had a shock when more than $1bn was stolen from the bank sector – equivalent to 15% of GDP.
Belatedly the government is now responding. Stakes in three of the country's biggest banks, which together account for about 80% of the sector’s assets, have been sold to the European Bank for Reconstruction and Development (EBRD) and private investors and the central bank has been given real teeth to enforce regulations.
bne IntelliNews editor-in-chief Ben Aris talks
to special advisor to the president and head
of strategic planning at Moldova-Agroindbank (MAIB) Corneliu Munteanu and asks if Moldova’s banking sector has turned the corner.
Corneliu Munteanu
special advisor to the president of Moldova, head of strategic planning at MAIB
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