Some $60 million (56 million) of debt issued by a Dublin-based company for a Russian bank last November has been deemed worthless as the borrower, currently at the centre of a fraud investigation, has been declared bankrupt.
Tatfondbank, based in the city of Kazan, east of Moscow, set up an Irish special-purpose vehicle (SPV) called TFB Finance in 2007, to raise debt for the second-largest bank in the oil-rich Russian republic of Tatarstan.
Most recently, Tatfondbank used TFB to sell $60 million of bon…
Read the full article at: http://www.irishtimes.com/business/financial-services/russian-bank-bankruptcy-renders-irish-bonds-worthless-1.3055775
