Hermitage Capital Management Warns against Doing Business in Modern Russia
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.