Moscow Court of Arbitration declined the claim placed with it by Home Credit and Finance Bank Ltd and ruled in favor of the Russian Federation Federal Antimonopoly Service’s decision to fine the bank for violating the antimonopoly legislation through unfair competition. The fine was imposed on the bank on December 18, 2008. The Federal Antimonopoly Service stated on September 18, 2008 that Home Credit and Finance Bank had violated Article 14 (part 1, paragraph 1) of the Federal Bill on the Protection of Competition (disseminating inaccurate or false data that could damage other businesses)

Bank Severnaya Kazna’s (now the asset of Alfa-Bank) two additional offices closed down on February 19, 2009. One of the outlets is located in Pervouralsk (35a Vatutin St.), another one could be found at 44 Uralskikh Rabochikh St. in Verkhnyaya Pyshma. This information is available from Bank Severnaya Kazna’s official website.

MICEX reports Baltika Beer Company’s common stock price dropped by 10.5%, or 46 RUR, in just one day. The price came to 436 RUR per share at the start of the day but went down to 390 RUR at the close of business on February 18, 2009.

The Bank of Russia’s PR Department reports that due to Yekaterinburg-based East European Financial Corporation –Ural Bank’s (Bank VEFK-Ural) inability to meet its creditors’ financial claims, the bank’s license was revoked on February 19, 2009. The decision was taken on the basis of Articles 19 and 20 (part 2, paragraph 4) of the Federal Bill on Banks and Banking Activity and supported by Article 74 (part 3) of the Federal Bill on the Central Bank of the Russian Federation (the Bank of Russia). Bank VEFK-Ural’s license was revoked by order OD 149 as of February 18, 2009. The bank was

Governor of Chelyabinsk Region Petr Sumin signed a decree regarding the temporary halt on the scheduled checks of small businesses and sole traders. The spokesperson for the Governor reports that now all the controlling executive authorities (regional and federal alike) should stop inspecting the local businesses until July 1, 2009. The Governor explains the decision was taken in order to support and protect the small businesses at the time of a financial crisis. Sumin feels the region’s government has been putting a lot of effort into making the local economy more diverse over the last

‘The lack of transparency characteristic of a number of Maxi Group-related entities has lead to a clash between two of the business’s stockholders, namely, Nikolai Maximov and Novolipetsk Iron & Steel Works (NLMK). When the management is handed over from one proprietor to another, the process is normally associated with risks; for instance, the new owners might find themselves left with no more than the seals on the papers and the furniture in the office after all the documents have been signed. This is why one needs more documentation, like the loan and pawning agreements. Otherwise the

Sberbank of Russia’s Ural branch handled over $145m worth of foreign currency purchase and sale transactions in January 2009; this exceeded the figures for January 2008 by 2.5 times. ‘The foreign currency in cash is enjoying enormous demand right now; still, our customers can sell or buy a lot of dollars or euros in our seven Yekaterinburg-based offices with absolutely no hassle. What is more, we can offer them the so-called individualized (and more attractive) exchange rates,’ says Sberbank’s Ural branch’s Currency Transactions Director Sergey Bobryashov. In fact, Sberbank’s Ural branch can

Sverdlovsk Region’s division of the Ministry of Internal Affairs’ investigative authorities initiated a preliminary criminal lawsuit against one of Oreolcombank’s BOD members. The charge is based on Article 210 of the Russian Federation Criminal Code (setting up an organized crime group). The executive is suspected of embezzling 2 billion RUR from the business’s proprietors and is on the international wanted file at the moment, a representative of the regional law-enforcement agencies explained to Novosti Information Agency. In the meantime, Oreolcombank had its name officially changed to

Bank24.ru (which is no longer operating as an independent entity) keeps proclaiming itself a reliable business. ‘Bank24.ru has one of Sverdlovsk Region’s strongest durability potentials at the moment,’ the bank reports. Nevertheless, the bank was faced with a severe challenge in October 2008: its customers started leaving with their money en masse, so the bank just stopped meeting its liabilities by freezing both the private individuals’ and legal entities’ deposit accounts. As a result, the bank was only able to survive thanks to the state-run Deposit Insurance Agency’s help. What is more,

The Central Bank of Russia reports volume of non-state for-profit organizations’ deposits in Koltso Urala Bank valid for 181 days to 1 year had dropped by 100% (from 2 million RUR to zero) by January 1, 2009.

‘MMK keeps investing in its social benefits packages as usual,’ Chairman of Magnitogorsk Iron & Steel Works (MMK) trade union committee Alexander Derunov announced at a meeting held by United Russia’s local members and Magnitogorsk Trade Union Association representatives. Derunov explained that the enterprise had decided to prolong their Collective Agreement for 2009; meanwhile, the terms of this agreement are designed so as to protect the workers’ basic social welfare guarantees. As a matter of fact, MMK’s daughter enterprises will probably follow suit. What is more, the company has come

The current economic instability shouldn’t be allowed to affect the social benefits packages guaranteed to the retirees by the state. All of them need to keep getting their pensions in full and on time, Governor of Chelyabinsk Region Petr Sumin said in the course of a meeting with the head of the state retirement fund’s division Viktor Chernobrovin. Chernobrovin said the pensioners had no reason to worry, as all the payments and social benefits would arrive in time. The official explained there were over 900,000 retirees in the region at the moment, including the 300,000 people who kept on

Chelyabinsk Region Government and the Russian Federation Government signed an agreement targeted at solving the labor market’s current problems. The signatories were represented by Governor of Chelyabinsk Region Petr Sumin and Head of the Federal Labor and Employment Service Yuri Gertsiy. The agreement is valid throughout the year 2009 and provides for some financial aid to the unemployment-fighting agencies. The federal government has promised to supply Chelyabinsk Region with 570 million RUR, while the region’s government is to spend 30 million RUR on this. According to the spokesperson for

The Central Bank of Russia reports volume of loans given by UralFinPromBank to sole traders for up to thrity days had dropped by 100% (from 6 million RUR to zero) by January 1, 2009.

Bank Severnaya Kazna’s Moscow subsidiary located at 2 Bolshaya Tulskaya St. isn’t going to operate any longer. The office is to welcome its private and business customers for the last time on March 27, 2009, the bank’s official website states.

Sverdlovsk Region Arbitration Court conducted a preliminary hearing of the claim laid by Ural Railway Machine-Building Plant against Uralmash Drilling Machinery (case А60-584/09) on February 17, 2009. The plaintiff insists on the defendant paying the company 38,624 million RUR. The court says this sum is actually the money Uralmash Drilling Machinery owes the plaintiff for product delivery. The main court hearing has been scheduled for March 26, 2009.

‘Despite the Russian economy’s current troubles, Ural Airlines’ development indicators still showed some positive dynamics in January 2009. All in all, most of them have remained at or above last year’s level,’ the airline’s press officer said to an UrBC reporter. In the meantime, the transport clearing chamber reports the overall Russian carriers’ passenger turnover has dropped by 20% this January in comparison with a year earlier. However, Ural Airlines serviced exactly the same number of people last month as in January 2008, that is, 64,800 passengers altogether, including 22,240 people

Moscow’s public prosecution authorities (namely, their Investigative Committee) initiated a criminal lawsuit against Auchan hypermarket chain after it was detected that some poor quality seafood had been on sale in the stores. ‘After the fact of one of Auchan’s divisions selling bad foods had been verified, our investigative authorities took legal action with charge based on Article 237 of the Russian Federation Criminal Code (Manufacturing, storage, and transportation or sale of products or rendering of services that don’t meet the determined safety requirements),’ the authorities report.

Two and a half months after acquiring Bank Severnaya Kazna’s controlling shareholding, Alfa-Bank offered the first loan to Bank Severnaya Kazna’s business customer. Alfa-Bank went through with the controlling shareholding’s purchase on November 30, 2008. The spokesperson for the bank reports the loan (needed to build up on the company’s floating assets) was given to one of Yekaterinburg-based trading firms.

URSA Bank made a total of 3.5 billion RUR worth of interest yield payments to its investors last year; these figures exceeded those for a year earlier (that is, 2.6 billion RUR) by one quarter. The better part of the payments was made in the summer and fall, since the bank’s depositors were apparently interested in saving up for a vacation or an apartment remodeling. ‘Our Magnificent Seven, Special, and Guaranteed Income deposit types were last year’s favorites. The terms of these deposits provide a combination of trouble-free savings and an impressive profit. What is more, a customer can top