Wednesday, August 10, 2005

Background on the "legally illiterate" Primor'e Deputy

Adam Imadaev does not have many Google hits in English.

But this one, from the
March 2004 issue of Russian Far East News, is sort of interesting:

Primorye deputies go on hunger strike

A group of deputies from the Primorye Duma went on hunger strike in January to protest the bankruptcy of various local companies, including Bor, which operates Russia's largest deposit of boron-containing ore, Vostok-Media news agency reported. All except one deputy, Adam Imadaev, ended the hunger strike after 10 days. "Along with six kilograms of weight, in this short time I have had to lose my last remaining illusions about the future of Russian democracy," said another deputy, Valery Korolyuk. The group promised to continue their campaign despite the end of the hunger strike. They believe that Bor's bankruptcy is illegal and that the company can pay its creditors. Imadaev ended his hunger strike after nearly three weeks, having been elected chairman of a temporary deputies' commission to investigate the bankruptcies.
There's another one that's a bit more interesting. Apparently, Imadaev has also been known as Kovalev in the past.

Tax Police Cancels Deals Of Bailout Management Of EvroBank

The Primorsky Tax Police has revealed new facts of the misuse of funds at EvroBank, a local commercial bank for the mining industry which filed for bankruptcy in 1998.

Of particular interest, allegedly in order to pay off the debts of the bank, which amounted to 30 million rubles, the bailout management of the bank sold its portion of shares of the Lermontovsky Ore Mining company, 14 million shares, and the shares of some other profitable companies belonging to the bank, for a total of 43 million rubles. It seemed to be enough to pay off the debts. However, Evrobank's general license has been revoked by the Central Bank seven days after the deal.

The tax police revealed that shares and some other assets, such as the bank's office buildings in several cities of the Krai, had been sold illegally by general director, Imadaev, to the two daughter companies, DalTrasFlot and the Primorsky Krai Accounting Chamber. The terms of payment, a three-year deferment, was made without shareholders' approval, and was absolutely unprofitable for the almost bankrupt bank which was in an acute need of cash rather than bills at that time. The two daughter companies were established by the general director, Imadaev, himself in 1996.

Moreover, the police revealed that 'Imadaev' is not the general director's the only family. He went by the name 'Kovalev' at the time of the registration of his daughter companies, but officially changed his family name and his middle name in 1998. According to Imadaev, he changed his name after having realized his "national roots." Adam Kovalev-Imadaev was the president of EvroBank from September 8, 1998 to January 25, 1999.

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