Posts Tagged ‘browder’
Hedge Fund Lawyer’s Death Gets UN Probe
The death of hedge fund lawyer Sergei Magnitsky is now the subject of a United Nations investigation.
Juan Mendez, the UN’s special rapporteur on torture, has opened a probe into Magnitsky’s death in 2009 after nearly a year in jail awaiting trial on tax fraud charges. Magnitsky, in a series of notes he kept during his confinement in some of Moscow’s most notorious jails, claimed to have been denied adequate medical treatment, and supporters say he was tortured.
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Here comes the Russian bear
When Russian President Dmitry Medvedev takes to his feet in a swanky new conference centre in the Swiss resort of Davos this Wednesday he will need to make the speech of his life.
For although the Kremlin is still basking in the afterglow of BP’s landmark £10bn share-swap deal with state-controlled oil giant Rosneft, the clouds are gathering. Mr Medvedev’s message to the great and good of the global business elite will be that Russia is “open for business” and committed to making life easier for foreign investors. Show us your money and ideas, send us your experts, and let us buy stakes in your companies in order to make it a two-way process, he will say.
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UN Launches Investigation Into Russian Lawyer’s Prison Death
The United Nations has launched an investigation into the death of Russian anticorruption lawyer Sergei Magnitsky under what have been described as torturous pretrial jail conditions.
According to a statement released by Hermitage Capital Management, the investment advisory firm that Magnitsky represented, the UN special rapporteurs on extrajudicial executions, the independence of lawyers and judges, and torture have initiated an “unprecedented investigation” into the circumstances surrounding Magnitsky’s death in late 2009.
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UN opens investigation into Magnitsky torture claims
The United Nations has launched an investigation into the death and alleged torture of Sergei Magnitsky, the Russian lawyer who perished in jail after accusing senior Moscow officials of orchestrating a $230m (£145m) fraud.
The UN Special Rapporteur on Torture, Juan Mendez, has begun procedures to investigate the death in jail of Mr Magnitsky after an application from Redress, a London-based anti-torture human rights group.
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Rights experts to investigate jail death of Russian lawyer
U.N.-appointed human rights experts have agreed to explore the death in pretrial detention of a Moscow lawyer who was arrested after filing accusations of police involvement in a multimillion-dollar embezzlement scheme, a colleague who has vowed to avenge his death said Thursday.
The decision comes at the request of Redress, a British human rights organization that works on behalf of torture victims. The lawyer, Sergei Magnitsky, who was outside counsel to the investment fund Hermitage Capital Management, died in a Moscow jail in November 2009 in what have been described as torturous conditions. He had been in jail 358 days.
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Invest in Russia or not?
According to the Maplecroft research, Russia has climbed five positions in the ranking of the most risky countries for the investment. In this rating list Russia stands among countries that suffer from armed conflict, but this fact doesn’t affect much the income of investors.
According to Political Risk Atlas of British consulting company Maplecroft, endemic corruption on all government levels, the absence of independent judiciary and business rules, an increased risk of expropriation, non-effective business management and unreliable law enforcement make Russia on of ten most risky countries for the investors. For the last year Russia has climebed five points and figures in top ten of 196 risky-investment countries in the rating. It’s important to note, that Russia made such a worrying jerk at the same time having some obligations to fight against terrorism on its territory, as opposed to the other countries in the list. In the rating list of countries with high risk for the investment, Russia stands near Zimbabwe and North Korea.
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It is Insane to Invest in Russia
Bill Browder, Hermitage Capital Management CEO, on with investing in Russia, his experiences with high level government corruption and the death of his lawyer, Sergei Magnitsky, in a Russian jail.
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Can’t Afford a Picasso? How About a Piece of One?
Art aficionados have long held themselves to be in a more elite class than Wall Street speculators.
Now, their worlds are colliding as a new crop of financial firms move to sell shares in pools of paintings — and some fear the results may resemble the chaotic splashed canvases of Jackson Pollock.
The two make for an odd combination. While many investors favor transparency and asset gathering, art dealers generally like secrecy and exclusive holdings.
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Hermitage Fund’s William Browder
The Hermitage Fund founder and former Putin ally on how exposing corruption in Russia upended his business and changed his worldview.
My grandfather was the general secretary of the American Communist Party. And as I was finishing business school in 1989, I had a romantic attraction to the Soviet Union as it was opening for business. As an investment banker in 1992, I went to the Russian town of Murmansk to advise the managers of a state-owned fleet of 100 ships. Each ship cost $20 million, but the managers were being offered the chance to buy 51 percent of the entire fleet for $2.5 million. I realized that to make money in Russia, you had to invest directly in assets that were being privatized. In 1996, I moved to Moscow and set up the Hermitage Fund, which became the largest foreign investment fund in the country.
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