Despite efforts to keep him quiet, independent Sberbank board member Vadim Kleiner on Tuesday reiterated accusations of poor management at the retail-banking monopoly and raised more concerns about its inefficiency.
The Sberbank supervisory board on December 24 passed a resolution condemning a presentation that Kleiner had given in London earlier that month as violating joint-stock company law and damaging the bank's reputation. In that presentation, Kleiner accused Sberbank of cheating both investors, by wasting value, and retail customers - the Russian population - by subsidizing loans at their expense. Kleiner said that Sberbank lost out on $1 billion of net income - which was $911 million in 2001 under international accounting standards - by giving loss-making loans to management and cheap money to corporate majors, while exercising poor cost controls.
During a conference call Tuesday, Kleiner expressed concerns about the decline in loan provisions in the first nine months of 2002 compared to the same period in 2001 and a dramatic 46-percent increase in staff costs, which he said were already high, the St. Petersburg Times reported.
One hundred years ago today ended the most grueling of wars involving disgusting conditions for soldiers and at least 17 million deaths. We learnt nothing.
Russia will complete the operation of the Soyuz booster rocket already in 2019. It goes about the booster, which Russia currently uses for manned space flights to the International Space Station