RE: Meeting of the Supervisory Board...9 Aug 2018 20:22
I must say that this is not a loss, which means the poor performance of Vnesheconombank's management, this loss is a consequence of the creation of reserves for distressed assets. This is exactly the right work that Gorky ( S.Gorkov ) and his team did as it was necessary to clear the balance of the organization and thus demonstrate, including potential investors, that the bank's management is pursuing a transparent and responsible policy.
On the issues that sparked the discussion, perhaps the most serious issue is the KTZ, the concern "Tractor Plants", as the bank has been working with KTZ for many years. For the first time KTZ entered the orbit of influence, or responsibility, of Vnesheconombank, in 2008, when the international financial crisis was unfolding. Since then, KTZ has been a client of Vnesheconombank. Today, a key decision was taken: KTZ's debt to Vnesheconombank is estimated by the market. Thus, a discount appears legitimately, at an appropriate cost, this aggregate debt is transferred to the state corporation Rostek. Then Rostekh will determine a private investor for the civil division of the Tractor Plants Concern. The military unit will be engaged independently, the unit that is involved in providing defense contracts and other projects. In this way, today an important decision was made that the concern will continue to develop. It will now develop not as one big association, but with the responsibility of two persons - a state corporation and a private investor. People will be reassured, there will be additional opportunities for jobs. There will be financial recovery of the group, all debts will be restructured. So, this is now a good example of how such a complex asset can work after cleaning.
We also discussed today the issue of assignment of loan claims, which was once granted to Sheremetyevo Airport, when there was a high risk and Vnesheconombank took this risk. Now terminal D works - it's an effective, good object. And Sberbank is interested in this, he wants to get this loan from Vnesheconombank. We believe that in this case Vnesheconombank played its role as a development institution in full, although we are sorry that we are losing interest income from a good client. Nevertheless, we must withdraw from this project and send funds to another project, which should be supported by the development institute.
We discussed technical issues related to the merger of two commercial banks that are subsidiaries of Vnesheconombank - Svyaz-Bank and Globex. They pass to one share. After completing this operation, we will then offer the bank that is most suitable for the investor in the market. Vnesheconombank from this asset will come out, it's not our job. We will work together with the Central Bank, the Ministry of Finance, the Ministry of Economic Development to understand who this best investor is offering the best conditions to Vnesheconombank.
On other issues, we also held discussions, all decisions were taken. So in
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