The European Bank of Reconstruction and Development (EBRD) is one of the least well known institutions, despite the fact that its HQ are by Liverpool Street in London. It first popped up on people’s radars just after it was founded in 1991, when the lavish details of the senior executives’ offices became public.
Its role is to provide financial assistance to the states emerging from Communism in Eastern and Central Europe. It is owned by the EU and various nation states. As such, it is part owned by the UK, and its president is Suma Chakrabarti, was one time Personal Secretary to Linda Chalker while she was Conservative Minister for State for Overseas Development.
In 2010 the EBRD’s top Russian Executive, Elena Kotova was placed under an internal investigation relating to bribery charges related to a $1 million kickback involving CanBaikil Resources, and a loan of up to $95 million from the bank. Kotova was arrested and charged earlier this year and faces up to seven years in a Russian prison if found guily.
Why is it that European Commission led cases into malpractice at UK banks over scandals like LIBOR attract so much more media attention than these allegations into corruption in the EU’s own institutions?