Russian oligarch Vladimir Romanov admits to being broke after fall of Lithuanian bank

Russian oligarch Vladimir Ivanov has admitted to losing his EUR 250 mln fortune after the failure of his majority owned Lithuanian bank, Ukio Bankas.

“All of our savings, all our companies, all of our activities were all in the bank,” Romanov told the BBC on April 2. “We have lost it.”

Ukio Bank seized all of Romanov’s assets after it was declared insolvent in February 2013. The bank has since been restructured.

This did not save Romanov’s fortune however. The oligarch, who owned a 65 per cent share in the bank, announced that he would be selling his majority stake in Scottish soccer club Hearts to try to clear some of his debts, which are now estimated at around EUR 380 mln.

Despite being born in Russia, Romanov has Lithuanian citizenship. He has lived in Lithuania since childhood, and announced plans to stand for President in the general election, scheduled for March 2009, before being told that he was ineligible for office due to having been born in Russia.

Romanov has mused that if all else fails, he will be returning to his old job as a taxi driver.