Today in Russian Business – May 27, 2008

Polyus Gold has dropped its British independent director Lord Patrick Gillford and ordered an investigation into allegations that he is acting for rival Interros Group. Gillford denies the allegations. Morgan Stanley will try to sell the Gorodskoy Ipotechny Mortgage Bank it bought in 2006. Russia’s Agency for Home Mortgage Lending plans to issue $675.7 million of mortgage-backed securities on the domestic market, hoping to tap the reviving global market for the bonds. Russia’s Defense Ministry will begin auctioning military properties in Moscow to raise money to house servicemen.