New Russia sanctions disrupt major Intesa loan syndication

[Jacque67 7,328]

LONDON/MILAN (Reuters) - Italian bank Intesa Sanpaolo has encountered problems syndicating a loan to Glencore and Qatar’s wealth fund to finance their purchase of a stake in the Kremlin-controlled oil major Rosneft because of new U.S. sanctions against Russia.

Four banking sources told Reuters that Western banks including from the United States and France have so far put on hold their participation in the syndication of the 5.2 billion euro ($6.13 billion) loan that Intesa provided last year.

Intesa (ISP.MI) invited about 15 banks to join the loan when it opened the syndication in May. A loan of this size would normally take between four and six weeks to syndicate, though deals involving emerging markets can sometimes take a few weeks longer.

The banking sources said their compliance departments needed to understand the new sanctions.

[Jacque67 7,328]

http://www.reuters.com/article/us-intesa-loan-sanctions-idUSKCN1B5172?il=0

[Jacque67 7,328]

Russian businessmen also use the term matryoshka to describe the complex shell companies used by oligarchs in order to pull off convoluted deals. For example, on paper, the Rosneft deal was brokered by a conglomerate of shell companies and financial institutions. This reportedly included several banks, namely Italy’s Intesa; the Qatar Investment Authority (QIA); and Glencore, a U.K.-Swiss trading house. But Glencore's 300-million euro contribution accounts for a relatively measly 3 percent of the total sale price, which earned the traders a .54 percent stake in Rosneft—think of that as a brokerage fee. That leaves a roughly 19 percent stake in the company—the same figure reportedly thrown around by Sechin in the Steele dossier and the same figure touted by Putin in his post-privatization public statements, which others have argued could be a coincidence.

Furthermore, a quarter of the funds (roughly 2.2 billion euros) is still left unaccounted for. The series of matryoshkas used to complete this deal is dizzying and includes a company based in the Cayman Islands, where local laws effectively prevent reporters from tracking down and revealing the identity of the owners. A company called QHG Cayman Ltd. was declared as a partner just nine days after the privatization deal was announced and just eleven days after QHG Holding, another nesting doll, was formed.

[Jacque67 7,328]

https://www.gq.com/story/trump-russia-dossier-matryoshka

 

glencore, rosneft, Rich, Steele dossier.

 

juicy. 

Follow the money.

[Jacque67 7,328]

 

[CaliCat 3,957]

25 minutes ago, Jacque67 said:

LONDON/MILAN (Reuters) - Italian bank Intesa Sanpaolo has encountered problems syndicating a loan to Glencore and Qatar’s wealth fund to finance their purchase of a stake in the Kremlin-controlled oil major Rosneft because of new U.S. sanctions against Russia.

Four banking sources told Reuters that Western banks including from the United States and France have so far put on hold their participation in the syndication of the 5.2 billion euro ($6.13 billion) loan that Intesa provided last year.

Intesa (ISP.MI) invited about 15 banks to join the loan when it opened the syndication in May. A loan of this size would normally take between four and six weeks to syndicate, though deals involving emerging markets can sometimes take a few weeks longer.

The banking sources said their compliance departments needed to understand the new sanctions.

 

 

Oh! No!  You mentioned Russia!!!  You know that word always brings abut hissy fits and tremendous snowfall!

 

 

[Jacque67 7,328]

12 minutes ago, CaliCat said:

 

 

Oh! No!  You mentioned Russia!!!  You know that word always brings abut hissy fits and tremendous snowfall!

 

 

http://ir.net/news/politics/125176/trump-wray-qatar-rosneft-steele/ Christopher Wray, complicit? Drain the swamp.

don't worry Patsy, I watched the eclipse with Mnuchin from the roof of Fort Knox. Hashtag Hermes;)!!!!

[CaliCat 3,957]

16 minutes ago, Jacque67 said:

http://ir.net/news/politics/125176/trump-wray-qatar-rosneft-steele/ Christopher Wray, complicit? Drain the swamp.

don't worry Patsy, I watched the eclipse with Mnuchin from the roof of Fort Knox. Hashtag Hermes;)!!!!

 

She's white. She deserves that our taxes cover all her finest tastes.  #WLMSMM!!!

 

 

Edited August 25, 2017 by CaliCat

[Jacque67 7,328]

7 hours ago, CaliCat said:

 

She's white. She deserves that our taxes cover all her finest tastes.  #WLMSMM!!!

 

 

Klassy!