19.03.2009 /Events
 Joint Statement by Oleg Deripaska and Mikhail Fridman Regarding Recent Reports in the Media
Various media outlets have recently reported on a supposed conflict between Oleg Deripaska and Mikhail Fridman and the companies they control. In response to these claims, Mr. Deripaska and Mr. Fridman believe it is necessary to make the following joint statement: Basic Element Group and Alfa-Bank are united by a longstanding and fruitful business relationship. Some companies belonging to Basic Element Group are clients of the Bank and have received credit and other financial products. The global financial crisis has forced a number of the largest Russian and international companies to delay servicing their debt. Currently, the management of both Basic Element and Alfa-Bank are endeavoring to work out the best possible way for the former to repay its credit instruments and for the two companies to maintain a constructive working relationship. Both parties are fully aware that, apart from their mutual economic interests, their primary concern should be the interests of their employees, customers and investors and the regions where the companies operate. Our past record of successful cooperation makes us confident that we will be able to find a solution that will satisfy both parties. In this regard, it is very important that we, as shareholders, have a friendly personal relationship. Reports of an alleged conflict between us and between our companies are not supported by any evidence and have no basis in fact. Oleg Deripaska added the following: «On behalf of the Basic Element Group management, I would like to assure all parties that we intend to fully satisfy our obligations to creditors. We believe that the global economic crisis can be considered a significant change of circumstances that allows us to count upon revisiting and amending existing agreements. We expect that our creditors and business partners will view our position with understanding and good faith. All issues are best resolved through dialogue». Mikhail Fridman said: No doubt we will make every effort to support our business partners during this period of global economic turmoil. We are ready to take an open, constructive and flexible approach to searching for mutually acceptable solutions, especially when a highly respected company like Basic Element is involved. The only things we cannot afford to risk are the security of the deposits and investments made by our customers and the sustainable operation of our bank, which is a strategic component of the Russian financial system.
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