Honorbank covers up tracks

CJSC Honorbank has disclosed the new structure of the bank's shareholders.

The bank's main owner is German resident H. M. Tankha, who has a 94% stake, Business News website reports.

A 6% stake is owned by foreign private trading unitary enterprise East Trade Company, which is registered in Belarus. The ultimate beneficiary is resident of Turkmenistan Y. A. Amatunyan.

According to earlier reports, 100% of Honorbank's shares were sold in four transactions registered by the Belarusian Currency and Stock Exchange on  January 22, 2013.

The shares were sold for €5.1 million.

Honorbank was founded in October 2009 as a bank with 100% foreign capital. The bank's shares were owned by Iranian  Bank Refah Kargaran, Bank Saderat Iran and Bank Toseeh Saderat Iran/Export Development Bank of Iran.

The US Department of State imposed unilateral sanctions on Honorbank in August 2010 because the bank was controlled by Iranian banking structures.