Bank Menatep

From Wikipedia, the free encyclopedia
Jump to: navigation, search

Bank Menatep was a US$29 billion holding company created by Mikhail Khodorkovsky, that had indirect controlling interest in Yukos Oil Company.

Scandal[edit]

The bank's financial condition was seriously damaged during the 1998 financial crisis due to a requirement by the Russian Central Bank that all commercial banks keep an economically untenable[editorializing] proportion of their reserve requirements in Russian treasury bills known as GKO, which subsequently collapsed, causing a default which led to the crisis and Bank Menatep's bankruptcy. The Central Bank revoked Menatep's licence in May 1999.[citation needed]

According to Ernest Backes, former #3 of Clearstream, a clearing-house which has been qualified as a "bank of banks", Menatep maintained an unpublished secret account at Clearstream until at least 2000. The bankruptcy was finalized by February 2001. In an unprecedented move[peacock term], the core shareholders of the bank, the financial holding Group Menatep of which Khodorkovsky was a principal, decided to share their own money with the 15,000 Bank Menatep small depositors whose savings had been wiped out by the collapse. A new Bank Menatep Saint Petersburg was created[when?] from a Saint Petersburg division of Bank Menatep. It accumulated the assets, but not the liabilities of the original bank.[citation needed]

In 2004, the bank was bought by the management and renamed to 'Trust National Bank'.[citation needed]

See also[edit]

References[edit]

External links[edit]