Russia's Debt to Swiss Firm Was Bought Out

Russia?s Finance Ministry has ultimately finalized the claim of many years brought in by Noga owner Nessim Gaon concerning the debts amassed due to the food supply, Russian business daily Kommersant reported.

U.S. businessman Alexander Kogan bought out Noga?s $70-million debt to BNP Paribas and Credit Lyonnais.

Kogan supplies inflatable hangars to Russia?s Emergency Ministry and Gazprom and counts on constructing hundreds of mobile sports facilities in Russia in cooperation with United Russia and Gazprom. Kogan never bothered to conceal that the debt buy-out was funded by Russia?s banks and his actions were coordinated with Russia?s Finance Ministry.

French BNP Paribas, Credit Lyonnais and Swiss Banque Cantonal de Geneve sold Russia?s debt to Nessim Gaon to Vladimir Hogan, former owner of Promstroybank of St. Petersburg and today?s deputy head at the RF Rosstroy, French Russia Intelligence reported March 5, 2006.

Vladimir Kogan denied the information, pointing out the debt was sold to Moscow banker Igor Kogan. Orgrexbank CEO Igor Kogan said he had bought no debts, though he would like to.

The buyer was certain Alex Kogan, a businessman of Russia and resident of the United States, Gaon clarified the matter Thursday.

The owner of International Procurement Group Inc (IPG, Missouri), Alexander Kogan said his company had bought out the $70-million debt. The tricky point is that Kogan was acting in close cooperation with Russia?s Finance Ministry.

Although not gorgeous, Kogan?s business in Russia is obviously exotic. He is the co-owner of ISD and ASATI, which have an OOO ASATI subsidiary in Russia. The business of the latter is constructing inflatable facilities for warehouses, sports centers and military centers.