Energy Minister Igor Yusufov. Vitaly Yusufov had borrowed US$1.1 billion from Bank of Moscow for this acquisition. Borodin was still in charge of the bank, when this decision was made. In July 2011 Yusufov sold his stake to VTB, which in September 2012 controlled more than 95.50 percent of the shares of Bank of Moscow. Yusufov claimed, that he acted on his own judgment. That was the reason, why the price negotiations with VTB took so long. Borodin claims that peculiarities during the takeover point to the centrality of political as opposed to commercial concerns. For example, he made an offer on 22 March 2011, which lapsed 8 April 2011, to buy the stake from VTB as the same price they had, despite VTB's claims of the mess they had discovered. This was refused, because there was no official offer sent. Bank of Moscow bail-out and criminal charges After the takeover, VTB and finance minister Alexei Kudrin (who was the head of Supervisory Council of VTB during the takeover) announced that the bank's former management, led by Andrei Borodin, created a "large, special portfolio loan book" totaling 366 billion roubles to lend to itself and related parties. Among these loans, some 250 billion roubles has been identified as falling in a "zone of risk", and 150 out of 250 billion were 'very bad' and lacked collateral. In July 2011 it was announced that Bank of Moscow would receive a US$14 billion bail-out from the Russian state. In February 2012 Russia's Interior Ministry has opened a new criminal case against Borodin and Dmitry Akulinin, over the theft of 6.7 billion roubles at the Bank. According to the investigator, Borodin and Akulinin, in 2008 through 2011, using their office position, arranged the transfer of at least 7.8 billion roubles from a correspondent account of the Bank of Moscow to the accounts of commercial companies registered in Cyprus. None of the firms involved in the criminal scheme engaged in any financial or economic activity. The settlement accounts of the fly-by-night firms were serviced by a Cyprus bank. In March 2012 Investigative Committee spokesman Vladimir Markin told the new the case over a 1.7 billion-rouble damage caused to the Bank of Moscow is investigated. The Bank of Moscow and the Moscow government held a controlling stake in “City Insurance Group”. Fearing the loss of control over the company's activities and transfer of 50 percent