Vnesheconombank stands for expanding alternative dispute settlement methods

17 may 2018 года
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A team of Vnesheconombank’s Legal Directorate has taken part in the 2nd International Insolvency Forum (held within the St. Petersburg International Legal Forum).

According to Igor Krasnov, Senior Vice President and Head of Legal Directorate at Vnesheconombank, it is currently crucial to promote alternative dispute settlement methods, especially given the value of maintaining long-term relationships with partners and counterparties of VEB Group. "Mediation allows the parties to rapidly find non-standard solutions and new opportunities for cooperation, and, combined with dispute resolution procedures through mediation courts, provides the most efficient method of defending rights and interests of the parties in case of discrepancies," he said.

Forum attendants (representatives of major lending institutions, legal firms, and independent experts) have discussed the most pressing issues and potential areas for improvements to bankruptcy legislation and legal practice. In his speech, Vladimir Nazarenko, Director of Department of Legal Protection at Vnesheconombank, noted that "courts have been consistently counteracting abuses by dishonest dispute participants, for example those who evade the initiation of bankruptcy proceedings in case of voluntary dissolution, and with respect to natural monopolies." At the same time, according to Vladimir Nazarenko, VEB takes all measures available to it at each stage to address issues related to project execution, while offering potential solutions to project participants, and designing strategies to deal with bad debts for each participant. For Vnesheconombank, key priorities include finding opportunities to continue every project involving government investments, retain the project team, and achieve the expected social and economic effect from the project implementation and as well as ensure its contribution to GDP growth.

This Forum becomes a unique venue that brings together bankruptcy law professionals from across the globe, including representatives of executive and legislative authorities, judges, researchers, businessmen, and multiple international organisations dealing with bankruptcy issues.


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E-mail: press@veb.ru

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VEB: assigning financial audit expert functions to development institutions will improve budget spending

16 may 2018 года
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Svetlana Yachevskaya, Deputy Chairman and Member of the Management Board at Vnesheconombank, has taken part in the St. Petersburg International Legal Forum as a speaker at a plenary session on Long-Term Investments: Predictable Results Within the Russian Jurisdiction. Her speech has been focused on modernisation of the budgeting process of the Russian Government aiming to achieve national development goals and strategic objectives set under the new May Decree. Adopting project-based principles for the budgeting process requires promoting private initiatives, streamlining the extent of government participation, and focusing government support on priority projects.

Financial audit may become an efficient project evaluation tool. The concept of integrating financial audit into budgeting has been adopted by the Russian Government in April 2018. Auditing projects and their execution options, as well as assessing their future impact will help identifying projects that match national priorities using a clear and transparent methodology.


"The government should identify efficient measures of government support and the extent of its involvement in a flexible and fast way so as not to substitute these measures for private initiatives, but encourage them. Adopting financial audit requires advanced tools and special skills, which implies collaboration between government authorities on the one hand and expert organisations and development institutions on the other. Undoubtedly, Vnesheconombank has these skills given its long-standing experience in acting as an agent for the Russian Government," said Svetlana Yachevskaya.


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