Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

The Russian bank, the Bruce Willis ad and the $900m sanctions battle

The Russian bank, the Bruce Willis ad and the $900m sanctions battle

Ministers warned that millions owed after alleged fraud by ex bosses of National Bank Trust could help fund Putin’s war effort
In one of Russia’s most high-profile marketing campaigns, film star Bruce Willis appeared in cinematic advertisements with a car chase and a rooftop rescue, ending with the slogan, “Trust is just like me, but a bank.”

The campaign for National Bank Trust in 2011 – which included cardboard cutouts of Willis popping up in 400 branches across Russia – was credited with raising the bank’s profile and boosting business.

Ministers are now under pressure to impose sanctions on the bank over its efforts to recover hundreds of millions of pounds in debts from the UK.

A decade ago, money was pouring in to the bank’s coffers from clients and large chunks were sent around the world in loans for a network of offshore companies. But it was subsequently alleged that the elaborate corporate structure incorporated fake documents and was a fraudulent scheme that concealed bad debts and enriched key executives.

Willis, whose family announced earlier this year he had the neurological disorder aphasia, had no knowledge of the alleged scheme.

The high court in London ruled in January 2020 that the bank was owed $900m (£735m) compensation from three former bosses, two settled in Britain, allegedly involved in the scheme. The bank is now seeking to recover money owed in the UK, but ministers face questions on whether sanctions will stop it getting the cash.

National Bank Trust is now majority owned by the Central Bank of the Russian Federation, so any money recovered in Britain could flow back to the Russian state.

Christine Jardine, the Liberal Democrat Treasury spokesperson, said: “There are too many question marks around the National Bank Trust and whether it is, in fact, able to channel funds to the Putin regime.

“We need crystal-clear answers about whether it is able to raise foreign cash, that the Kremlin is so desperate for, and send it back to Russia.

“The government must reassure the British public that sanctions are being applied to all Kremlin cronies without exception, and that National Bank Trust is in no position to help Putin fund his war chest. If it is, it must be sanctioned straight away.” Jardine has tabled parliamentary questions about whether the bank will be targeted with sanctions.

The Foreign Office announced economic sanctions targeting the Russian central bank on 28 February, four days after the invasion of Ukraine. The Foreign Office would not comment on whether National Bank Trust also faces sanctions.

The bank alleges its former majority owners – Ilya Yurov, former chair of the supervisory board, Nikolay Fetisov, its former president, and Sergey Belyaev – orchestrated a fraud to conceal bad debts and extract millions of dollars in salaries and bonuses. Russia tried to extradite Yurov from the UK in 2018, but the request was refused on the grounds he would not receive a fair trial.

Steptoe & Johnson, the legal firm that acted for the bank, said an English “fixer” called Benedict Worsley ran the bank’s offshore network, allegedly hiring a team in Cyprus which was “churning out fake documents in what only can be described as a document factory”.

Yurov and Fetisov said the offshore companies were properly used for “balance sheet management”, while Belyaev, who settled in the US, denied knowledge of the scheme. Worsley, who was not called to give evidence at the hearing but was described as a man who “likes to act like James Bond”, has said all decisions involving corporate administration were made by the bank’s owners or managers. The bank collapsed in December 2014 and required a state-backed bailout of more than 100bn rubles (£1.2bn).

The high court heard in 2018 that Yurov’s family properties, held in the name of his wife, Nataliya, included Oxney Court, a gothic manor house with a swimming pool and tennis court on the Kent coast bought for £4.1m in 2012; two properties in Cyprus; and three flats in Chelsea with a combined value of over £6m. The Fetisov family portfolio included a £4.25m mansion in Oxshott, Surrey; a £1.6m flat in Chelsea; and a residence near Moscow.

Mazars, the international accounting and advisory firm, announced in May 2020 that it was working as joint trustees in the bankruptcy of Yurov and Fetisov. It recently filed court applications to obtain bank statements linked to the case.

The firm was appointed by the business secretary on behalf of the high court and is seeking to recover the bankrupts’ assets for the benefit of creditors, including National Bank Trust.

Mazars said it complied with all sanctions and no transactions would occur with sanctioned entities or their subsidiaries without court permission. National Bank Trust did not respond to a request for comment.

UK officials say they are systematically sanctioning Russian individuals and organisations, but will not comment on specific cases. One official said: ‘“While he [Putin] continues this war, we will continue tightening the ratchet with further sanctions.”
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
European manufacturers against ban on polluting cars: "The industry may collapse"
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
U.S. and China Agree on Framework to Shift TikTok to American Ownership
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
×