I’m usually labeled a "rabble-rousing minority shareholder." But given what’s happening, even the most "constructive and restrained" people are being forced to ask tough questions. Vasily Sidorov, a member of the VTB Minority Shareholders Committee, has written a letter to VTB President Kostin regarding the "oddities" surrounding the Bank of Moscow deal.
The letter is very interesting — give it a read. If only because it lays out everything that’s happening briefly, clearly, and in a logical sequence. The final paragraph is especially striking. The grand VTB–Yusupov–Kerimov scam involving the purchase of Bank of Moscow and the subsequent receipt of state aid ($10 billion) to "save Bank of Moscow" will one day make it into every criminal investigation textbook.
(The letter in PDF format and high resolution is here) I would very much like VTB’s management to respond to Sidorov in writing, in detail, and publicly. My VTB shareholding is worth tens of thousands of rubles, while Sidorov’s stake, I imagine, is worth at least $1 million. But my tens of thousands are just as dear to me as Vasily’s million is to him. I am sure that VTB’s other 180,000 minority shareholders share the questions raised in the letter.