The Segezha Pulp and Paper Plant, one of the largest plants in Russia, forming part of the InvestLesProm Holding Company, is discontinuing operation as of 1 February. The Plant is the principal major employer in the Karelian town, and its closure means that most of Segezha’s residents are going to be unemployed, at least temporarily. Moreover, if the situation exacerbates, that may result in heating interruptions, including in residential buildings, because heating is also provided by the boiler house of the same Pulp and Paper Plant. This is not only about a social problem but about the people’s survival. Continue reading
George Philippides of Cyprus, who has recently been interrogated in connection with the Bank of Moscow case, says that he was subjected to severe pressure by the investigators and is preparing a legal suit,” the Moscow News writes.
“Philippides is at the head of One World, a Cypriot firm that manages the assets of the InvestLesProm Concern. He has visited Russia to settle a conflict between InvestLesProm and the Bank of Moscow. The businessman was going to meet with the bank’s current president, Mikhail Kuzovlev, in Moscow, but the latter was away from Russia and the meeting could not take place (they only talked on the phone). And on 20 January police officers intruded his suite at the Ritz,” the article says. Continue reading
Radio Echo Moskvy, 24 January 2012
Attorney Vladimir Krasnov
On 24 January, the Vedomosti daily published an article that in fact says that the former president of the Bank of Moscow Andrei Borodin is under investigation not only in connection with a criminal case concerning a credit issued to the Premier Estate Closed Joint-Stock Company but also a number of other cases.
The official and the only version known to the defence team is Criminal Case #89816, opened in December of 2010, under which a new order was issued on 29 September 2011 to prosecute Mr Borodin on a fraud charge (Part 4 of Article 159 of the Criminal Code of the Russian Federation). The defence team was notified about the order in a form that fails to comply with legislation. Continue reading
According to the Vedomosti daily, Andrei Borodin, former president of the Bank of Moscow, has been the defendant in a case on illegal sale of two shares of the Moscow Insurance Group since September of 2011. Borodin’s lawyers are saying that, in spite of what is required under law, they have not been informed about the indictment against Borodin. They are intending to challenge the indictment in court.
The Vedomosti writes: “The fact that almost four months ago Borodin became the defendant in a criminal case related to the sale of two MIG shares has taken his lawyer Vladimir Krasnov by surprise. According to Krasnov, it was the lawyer, not third parties, who had to be notified about the opening of a case against his client. A similar occurrence happened in late September, when the Interior Ministry Investigations Department announced that under the Premiere Estate case he was indicted under a different article, but the defence lawyer was only notified about that on 4 October. Continue reading
Today, the Investigative Department of the Russian Interior Ministry has issued a statement claiming that conduct by former President of OJSC Bank of Moscow Andrey Borodin and his first deputy Dmitry Akulinin contains elements of corpus delicti contemplated in part 2, article 201 of the RF Criminal Code, “Abuse of Authority”, allegedly pertaining to transactions with CJSC Investlesprom stock.
In this regard, A. Borodin’s defense attorneys find it necessary to point out certain circumstances. Continue reading
The Nigerian economy risks being brought to a virtual standstill by the current national strike. The country’s influential trades’ union movement has opted for all-out industrial action in response to the removal of fuel subsidies by the federal government in Abuja. The subsidies cost the government an estimated $8 billion a year; a huge sum in comparison with the total federal budget of just over $22 billion. Given that the country needs massive investment in infrastructure and social services, Abuja’s stance seems entirely reasonable, but the dispute is far more complicated than it may seem. Continue reading
British foreign secretary William Hague’s recent visit to Burma is just the latest in a long line of events that suggest that the south-east Asian nation is preparing to come in from the cold. Ruled by a military dictatorship for almost five decades, the government had resisted pressure from the West to allow multi-party politics and halt human rights abuses. Sanctions were imposed by Rangoon’s opponents but Chinese, Indian, South Korean and Thai firms continued to invest in the country. Continue reading