Oleg Kozlovsky’s English Weblog

Politics, Democracy and Human Rights in Russia

Hermitage Capital Management Warns against Doing Business in Modern Russia

with 2 comments

An investment fund called Hermitage Capital Management accuse Russian police and tax authorities of participating in a fraud, which costed Russian taxpayers $230,000,000. According to their film, an organized group of high-ranking officers bribed judges and lawyers, faked documents and criminal cases to steal more than one billion US dollars from the fund (which didn’t work) and 4 billion roubles from the Russian budget. Trying to conceal the crime, corrupted officers fabricated cases against HCM itself. Yesterday, HCM CEO William Browder and legal adviser Sergey Magnitskiy were charged with tax evasion.

I don’t know the details of the case, so I can’t judge what is true in this movie and what is not. But the story is, unfortunately, very lifelike. No doubt, this could really happen in Russia.

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Written by Oleg Kozlovsky

October 8, 2009 at 23:13

Posted in news

Tagged with , ,

2 Responses

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  1. [...] tried to coerce him into giving false testimony against his boss William Browder. Heritage claims that corrupt police officials have used its stamps and documents to steal huge amounts from the national budget as tax compensation. But it was Magnitsky who those [...]

  2. Bill Browder on Opalesque TV discusses Sergey Magnitsky case reveals Russia’s ugliest face
    http://www.opalesque.tv/youtube/William_Browder_Bill_Browder/1

    Uday Pratap

    August 26, 2010 at 16:00


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