KOMMERSANT. Shareholders at the People’s Bank of the Republic of Tyva (PBRT) have settled a conflict which lasted for several years. Entrepreneur Oleg Yuminov told Kommersant that he sold his holding in the bank to the republican authorities, and a relevant agreement was penned on Wednesday. This was confirmed by PBRT president Karolina Kara-Sal without disclosing the transaction price. According to Oleg Yuminov, the transaction price is under Rub 50 mln.
In the fall of 2011 Oleg Yuminov shelled out Rub 43.5 mln for a 53% stake in the bank. He purchased the interest in the former subsidiary of Sergei Pugachev’s International Industrial Bank at an auction held by IIB’s receiver, the State Depositary Insurance Agency (DIA). At that time and until now PBRT has been the only operating banking asset of those previously controlled by Sergei Pugachev. And this is the only regional bank in the Republic of Tyva.
The conflict at PBRT emerged shortly after Oleg Yuminov bought into the bank. The point is that the republican authorities themselves wanted to gain the controlling stake, but offered less beneficial terms than Oleg Yuminov. Later they tried to challenge the deal in court, but after failing to do so they diluted his interest by acquiring the bank’s additional shares. Oleg Yuminov challenged the results of the additional share issue, but to execute the court ruling the bank had to compile additional provisions, which cut the lender’s capital below the Rub 180 mln statutory threshold as of July 1. The violation of this kind as of three reporting dates may lead to the revocation of the license, Kommersant pointed out. This risk was eliminated. “All settlements will be made until the end of the week, provisions will be released and capital will return to normal," Karolina Kara-Sal noted.
