Friday, October 24, 2008

Ah, now things are beginning to make a bit of sense...

"Russia's richest man is having money troubles, and the country's largest nickel producer could change hands as a result. Forecasting firm Global Insight reports that Oleg Deripaska isrunning out of time and money to pay back the USD 4.5 billion he borrowed from a group of foreign financial institutions in April 2008 to purchase a 25% share in Norilsk Nickel. Deripaska used the shares in the nickel producer as collateral, but their value has since plummeted to the point that they no longer cover the money he owes; Deripaska now needs USD 1.8 billion to refinance the loan, according to the report.Deripaska's creditors have granted him an extension until the end of the month, but it is unlikely they will be so generous again. The oligarch has already sold his assets in Canadian automotive parts maker Magna andGerman construction company Hochtief, but these deals still have not produced enough funds to pay off the debt, the report states. Having exhausted every other possibility, Deripaska is now seeking help from the state."
PR Newswire 23 October 2008
Remember when Brown tried to con the meedja about the election that wasn't, about the troops coming home and they turned on him?
The same is about to happen to Mandelson.
PS
And for those of us who think Mandelson is a lying toad, I think his letter to the Times today amply proves our point.
PPS
Oh, and, of course, the News of the World's Exclusive

1 comment:

Winchester whisperer said...

Those banks include RBS