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Hermitage Sues Russia Interior Ministry

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Hermitage Capital Management has sued Russia’s Interior Ministry, accusing it of abuse of power.

According to the hedge fund, once one of the largest foreign investors in Russia, the ministry had no basis for launching a tax investigation of Hermitage in 2007. Hermitage claims that Interior Ministry officials used the pretense of that investigation to raid the hedge fund’s offices and seize documents that they later used to defraud the Russian government of US$230 million in taxes paid by Hermitage.