Bear market

By 1998, Alexander Smolensky owned the country's largest network of banking offices and a large stake in the debit card scheme, which had 1.2 million subscribers.

He had also merged his operations Agroprombank, which served the country's huge agricultural sector. Following the merger, Mr Smolensky's group - renamed SBS-Agro - gained considerable lobbying power.

Many analysts say that Mr Smolensky, even though disliked by the Kremlin, was in a perfect position to influence some of the government's key ministers.

Unpopularity

But then came August 1998: "Black August", as Russians dub it, when the banking system collapsed amid the country's worst financial meltdown.

Many Russian analysts accuse Mr Smolensky of trying to cash in on a bear market for the rouble shortly before and during the 1998 crisis. Many see him as one of the behind-the-scenes actors in that year's Russian economic drama.

Shortly after the Kremlin announced that Russia would default on its national debt, the national currency plunged and dozens of small and medium-sized financial institutions shut their doors.

Mr Smolensky's banking group was among those that had collapsed. Along with other banks, it said there was no money left to return the deposits held in SBS-Agro, and no money available to save private investors from their plight.
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