Dow Jones International News
By Jason Corcoran in Moscow
April 20, 2009
Hans-Joerg Rudloff, chairman of Barclays Capital, is stepping down from the board of Russian media holding company RBC because of a conflict of interest over $18 million in debt owed to him and his friends.
Rudloff, who has sat on the board of the indebted financial news provider since its initial public offering in 2002, told Financial News he could no longer sit on the board and be a significant creditor.
He said: "I can't simultaneously represent the interest of the company and its creditors while the company is being restructured. Together with my family and friends, we are owed $18 million, which is about 8% of the company's overall debt of $210 million."
RBC has been struggling to refinance its debt and defaulted on a 1.5 billion rouble ($45 million) bond last month.
Rudloff said his decision was nothing to do with any outstanding loans to Barclays Capital.
The company, which is being advised by Swiss bank UBS AG (UBS), has been looking for a strategic investor since last summer.
Billionaire oligarch Mikhail Prokhorov has offered to bail out the company in return for a 65% stake. Under a plan drawn up by bankers at Renaissance Capital Group Inc. (RNCG), Prokhorov is offering to buy the majority holding in RBC for $35 million, which will help the company repay creditors and finance its activities.
German financier Rudloff, who is also a director of oil group Rosneft (ROSN.RS), is expanding Barclays Capital's Moscow operation. The investment bank currently has about a dozen bankers in Moscow working in debt capital markets.
Rudloff said: "Eventually we want to have full teams for the full range of equity markets and M&A but it's too early to say how many we are going to recruit."
Barclays' retail banking business acquired Russian lender Expobank in March last year for $745 million. It has rebranded and revamped Expobank's 36 branches in western Russia.
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