range of services. The bank became increasingly independent of the City Government, which in 2008 reduced its stake to 46.6%, with a corresponding reduction in the number of bank-appointed directors. As the bank expanded, Borodin and his ally Lev Alaluev purchased significant stakes of their own – more than 20.32%. There was no evidence on how Borodin and Alaluev got the necessary funding for such a big purchase. Krasny Okyabr The Andrei Borodin led Bank of Moscow was a large creditor of Krasny Oktyabr when it declared bankruptcy in 2009. Andrey Akimov, as the interim manager of the plant, appointed the Ukrainian Dmitro Gerasimenko, who is the owner of Dieg-Impex LLC (), to be executive director of Krasny Oktyabr and who in November 2018 "sold" the plant to Pavel Krotov. Bank of Moscow internationally known Bank of Moscow enjoyed the confidence of the international markets, with both Goldman Sachs and Credit Suisse acquiring small stakes in 2010 (3.88% and 2.77% respectively). Bank of Moscow takeover When Luzhkov was dismissed in September 2010, the new mayor Sergei Sobyanin announced the intention to sell the stake of the Moscow government in Bank of Moscow. VTB, a state-controlled bank, stepped up as a buyer. Other banks, such as Alfa Bank and Bank Austria, a subsidiary of UniCredit, also expressed interest. In December 2010, before the sale of the City Government's stake took place, the Audit Chamber of the Russian Federation announced that it had launched an audit of Bank of Moscow at Sobyanin's request. The investigation revealed a loan provided by the bank to Premier Estate Company. At the end of February 2011 VTB purchased the City Government's stake from Central Fuel Company. The VTB deal was opposed by Borodin. He resisted to attempts by VTB to acquire control of the bank, already being one of the main shareholders. Borodin has contested the legality of this on a number of grounds, including that competitive tender ought to have been used to maximise the share price. None of the protests were found correct or justified by court. Borodin and his allies were dismissed and VTB's Chairman Andrey Kostin and first deputy Mikhail Kuzovlev became the Bank’s Chairman of the Board of Directors and President respectively. In early April 2011 Borodin and Lev Alaluyev sold their 20.32% stake in Bank of Moscow. Andrey Borodin sold his shares to Vitaly Yusufov, son of the former Russian