Russian investors after bank

  • 2005-08-31
  • Baltic News Service
TALLINN - The Financial Supervision Authority is handling an application from investors linked to Russian industrial circles to establish a bank called Wiru Privaat-Kommertspank (Wiru Private Commercial Bank), the Saldo magazine reported.

"Under the wing of Uralvagonzavod, almost all the same 'committee' men are together who just a few years ago shipped oil to the West in Estonia under Onaco's roof," the magazine wrote in reference to the former KGB.

The report said the same people stand behind the Ahtme rail car plant in Estonia.

Anu Kove, legal expert working with the Financial Supervision Authority, told the magazine that the decision whether to grant a license to AS Wiru Privaat-Kommertspank would be made within a month after receiving all the necessary papers.

Preparations to establish the bank have been going on quietly for more than half a year now, the magazine said.

Russian industrial tycoons at the turn of the year made an offer to well-known Estonian financier Madis Uurike to assume a job on the new bank's council.

Uurike, who works at the Finance Ministry in a position responsible for communication with EU and other foreign countries, didn't accept the offer.