Shipbuilding

In 2009 the Russian president Vladimir Putin expressed his interest in acquiring Pu- gachev’s Shipyards – Russia’s biggest and most modern shipyards at the time. While it originally seemed as though a fair deal was being reached, it was actually concluded by a Government-led, forced bankruptcy of the International Industrial Bank (also referred to as Mezhprombank or IIB) – which ultimately resulted in seizure of the shipyards at an improper knockdown price in 2012.