Monday 18 August 2014

Morgan Stanley Enabled Rosneft as No. 1 Until Crimea Grab - Bloomberg

Morgan Stanley Enabled Rosneft as No. 1 Until Crimea Grab - Bloomberg:



"Long before the Ukraine crisis ruptured U.S.-Russian relations, Vladimir Putin and his right-hand man, Igor Sechin, hosted then-Morgan Stanley (MS) Chief Executive Officer John Mack at an exclusive reception at Putin’s Novo-Ogaryovo estate outside Moscow.



According to the Kremlin, Putin thanked Mack and a few other foreign bankers at the October 2006 gathering for leading the $10 billion initial public offering of OAO Rosneft, the state-controlled oil giant headed by Sechin. He then chatted with the bankers for an hour in a formal meeting room.



Putin and Sechin have a lot more to thank Morgan Stanley for. The American investment bank helped transform state-owned Rosneft from a business the Russian government failed to sell three times in 1998 into the world’s biggest publicly traded oil producer by output. Morgan Stanley played a key role in saving it from being acquired, and Rosneft hired three consecutive chief financial officers from the bank. In 2013, Putin approved Mack’s appointment to Rosneft’s board."



'via Blog this'

No comments:

Post a Comment