Posts Tagged ‘renaissance’

23
June 2011

Hermitage Moves Criminal Complaint Forward

The Windsor Square

Lawyers act­ing on behalf of Her­mitage Cap­i­tal filed a new crim­i­nal com­plaint today with the Russ­ian State Inves­tiga­tive Com­mit­tee demand­ing the pros­e­cu­tion of offi­cials from Moscow Tax Offices 25 and 28, who had per­pe­trated the theft of US$107 mil­lion through a fraud­u­lent tax refund scheme in 2006.

The com­plaint impli­cates Olga Stepanova, head of Moscow Tax Office 28, and Elena Khim­ina, head of Moscow Tax Office 25. They are the same two offi­cials who a year later approved an iden­ti­cal US$230 mil­lion fraud­u­lent tax refund. After Russ­ian lawyer Sergei Mag­nit­sky exposed the schemes, he was arrested, tor­tured, and killed in Russ­ian police custody.

A Her­mitage Cap­i­tal spokesman said, “This US$107 fraud­u­lent tax refund case has direct rel­e­vance to the case that led the arrest, tor­ture and death in cus­tody of Sergei Mag­nit­sky. If the Russ­ian gov­ern­ment is in any way seri­ous about inves­ti­gat­ing the death of Sergei Mag­nit­sky, or indeed about fight­ing cor­rup­tion and insti­tut­ing the rule of law, they must inves­ti­gate this crime.”

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21
February 2011

Russia’s investment rewards carry risks

Financial Times

Mention investment and Russia in the same breath and responses are likely to vary from concerns over corruption and political intervention to the allure of cheap prices.

Russia has been the laggard of the Bric quartet [Brazil, Russia, India and China] that has attracted investors in the past two years. But while emerging market funds have seen $7bn of net outflows this year, according to EPFR, a global data provider, flows into Russia have been picking up. Inflows to Russia total $1.22bn in the year to date, against outflows of $2bn for China and $980m for India in the same period, EPFR data show.

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