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<?xml version="1.0" encoding="UTF-8"?><rss version="2.0"> <channel> <title>PravdaReport - Business - Статьи</title> <link>https://english.pravda.ru/</link> <description>PravdaReport: Russian news and analysis</description> <image> <url>https://english.pravda.ru/pix/logo180.png</url> <title>PravdaReport</title> <link>https://english.pravda.ru</link> </image> <language>en</language> <lastBuildDate>Wed, 08 May 2024 00:18:38 +0300</lastBuildDate> <item> <title>Pilipenko’s case: pacifists out</title> <link>https://english.pravda.ru/business/155314-pilipenko/</link> <guid isPermaLink="false">8ba7c2346ac26dfc4a699ae7ac1645ee</guid> <description>Economist Vladislav Inozemtsev writes about the change in the leadership of the Federal Chamber of Lawyers“At the end of last week ... at a meeting of the Council of the Federal Chamber of Lawyers of Russia, its long-term president, Yuri Pilipenko, who has held this post since 2015, was not re-elected for another term. (It is noteworthy that on the morning of December 15, he, being a president of the Chamber, sent a letter to the head of the Council of Bars and Law Societies of Europe, James MacGuill, expressing concern about the situation with the protection of the legal rights of Russians in European countries).”Inozemtsev notes that Pilipenko is a “highly experienced lawyer” who, as it would seem, “talentedly led a professional organization of lawyers, skillfully resolving any sensitive issues in the interaction between the legal community and the authorities, and at the same time demonstrating a willingness to independently make important decisions for the legal workers without waiting for the initiatives of the Ministry of Justice and the Kremlin.”</description> <pubDate>Wed, 28 Dec 2022 18:13:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/155314-pilipenko/</amplink> <enclosure url="https://english.pravda.ru/image/preview/article/3/1/4/155314_five.jpeg" length="29083" type="image/jpeg"/> </item> <item> <title>Foreign companies suffer a total of $70 billion in losses after they leave Russia</title> <link>https://english.pravda.ru/business/153771-foreign_companies_russia/</link> <guid isPermaLink="false">e04f8459762a4857e8b02a1525640733</guid> <description>The losses that American, European and Japanese companies have suffered after they left the Russian market are evaluated at tens of billions of dollars, RIA Novosti reports. Since the beginning of the special operation in Ukraine to the present, foreign companies have lost a total of $70 billion.Companies of the fuel and energy complex have suffered the biggest losses. Many companies in this sector have deconsolidated and devalued Russian assets by ceasing to report the results of their activities in the country, they have not completely stopped working in Russia.For example, the UK-based BP, having made a number of statements about its decision to withdraw from Russian projects, was forced to retain shares in local assets. According to Putin's decree from August 5, shareholders from unfriendly countries will no longer be able to make transactions with shares in companies of strategic significane, fuel and energy companies and banks without the consent of the state. In its report for the first quarter of 2022, BP depreciated Russian assets in the amount of $25.5 billion, but it did not take practical steps to exit the projects.</description> <pubDate>Thu, 25 Aug 2022 19:04:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/153771-foreign_companies_russia/</amplink> <enclosure url="https://english.pravda.ru/image/preview/article/7/7/1/153771_five.jpeg" length="33234" type="image/jpeg"/> </item> <item> <title>Is Russia going hungry?</title> <link>https://english.pravda.ru/business/151134-is_russia_going_hungry/</link> <guid isPermaLink="false">8c5cfe5ba6f2e51525b249fcda8b533c</guid> <description>The Russian special operation in Ukraine served as a catalyst for the confrontation formed between Moscow and the collective West, as a result of which the United States and its politico-military partners immediately activated "suspended" economic sanctions. In addition, half of Russia's foreign exchange reserves were frozen, provoking an unprecedented escalation of confrontation in the financial sphere.Price increases and shortages of certain commodity items are not only observed in Russia. The global nature of international relations has caused destructive influence of sanctions on the economies of the initiating countries as well.In the U.S. they decided to call inflation "Putin's price hike". In fact, inflation in Western countries began after the declaration of economic war by European leaders and their sovereign, U.S. President Biden.</description> <pubDate>Wed, 13 Apr 2022 16:42:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/151134-is_russia_going_hungry/</amplink> <enclosure url="https://english.pravda.ru/image/article/1/8/4/64184.jpeg" length="111992" type="image/jpeg"/> </item> <item> <title>A military cession awaits the world economy, says a leading Wall Street strategist</title> <link>https://english.pravda.ru/business/151119-a_military_cession_awaits_the_world_economy/</link> <guid isPermaLink="false">dacd1172625fee889ac248833f326ac8</guid> <description>Rising global commodity prices and falling economic growth around the world are the result of the decision by Biden and his European "acolytes" to declare economic war on Russia.The U. S. and the European Union announced tougher sanctions against Russia because of the "Bucha incident" without an international investigation. Nevertheless, as Pravda previously wrote, the "atrocities in Bucha" were most likely staged by the Zelensky regime.The economic war of Western civilization against Russia has in any case been declared and its goal is clear: the complete destruction of Russia, the seizure of its territories and natural resources. Most likely, the total energy blockade of Russia will only intensify, throwing the world financial markets into chaos.</description> <pubDate>Wed, 13 Apr 2022 03:26:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/151119-a_military_cession_awaits_the_world_economy/</amplink> <enclosure url="https://english.pravda.ru/image/preview/article/1/1/9/151119_five.jpeg" length="58628" type="image/jpeg"/> </item> <item> <title>Skeletons of Yukos. Why GML paid Alexey Golubovich $44 million. Part 2</title> <link>https://english.pravda.ru/business/150979-yukos/</link> <guid isPermaLink="false">d71d2af044b5697c73c8c9454bec912b</guid> <description>Continued. Read Part I of the article here.Alexey Golubovich, Yukos's former director for strategic planning and corporate finance was one of the main witnesses in the case against Yukos. How can one determine the basis of his testimony? Was it a wish to help the Russian justice system or the subtle game of a "double agent"?In order to understand this, one may need to recall a few facts from his business biography. In the first part of our investigation, we talked about Alexey Golubovich's business projects and lawsuits in 2010–2022, in which one could see both the shadows of his former Yukos colleagues (for example, Mikhail Khodorkovsky, Yuri Beilin) and the non-systemic opposition.</description> <pubDate>Tue, 05 Apr 2022 12:09:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/150979-yukos/</amplink> <enclosure url="https://english.pravda.ru/image/preview/article/9/7/9/150979_five.jpeg" length="21886" type="image/jpeg"/> </item> <item> <title>Yukos skeletons. What links Aleksey Golubovich with former owners of the oil company. Part I</title> <link>https://english.pravda.ru/business/150903-golubovich/</link> <guid isPermaLink="false">505a5a617c46169b42b00beabdbe09e3</guid> <description>Russia's refusal to pay $50 billion to former Yukos shareholders will lead to new investigations.On March 31, the Moscow City Court will consider an appeal, which was filed against the ruling to pay $35 million to former Yukos shareholder Alexey Golubovich by his ex-wife Olga Mirimskaya. Allegedly, she received the money for the sale of Yukos shares 15 years ago, and her ex-husband asked for his share as part of the divorce proceedings that have been ongoing for the last ten years. These are unusual demands as Mirimskaya has never owned shares in the oil company. In addition, Golubovich was not only its shareholder, but also served as the director for strategic planning and corporate finance at OAO NK Yukos and was aware of all information related to the financial dealings of the oil giant. A journalistic investigation conducted by Pravda.Ru showed that Alexey Golubovich likely still works in close collaboration with other ex-owners of Yukos.Alexey Golubovich, a former shareholder of Yukos oil company, and Olga Mirimskaya, the chairwoman of the Board of Directors of BKF Bank, divorced in 2012, but the litigation over the division of their marital property continues to this day. Olga Mirimskaya is the founder of the Russian Product Company. She is also President of BKF Bank. Mirimskaya is charged with giving a bribe — two vehicles worth a total of 3.25 million rubles — to Yury Nosov, an investigator at the Moscow Region Department of the Investigative Committee in 2017. He handled the case, in which she appeared as a victim in connection with the kidnapping of her daughter. Nosov and Mirimskaya were arrested in the bribery case. They plead not guilty, claiming that the case has been initiated under false pretences with malicious intent."According to the defendant, the case was initiated by Alexey Golubovich, as well as by her former common-law partner Nikolai Smirnov, a co-owner of the Golden Crown payment system, as an act of revenge for the return of her daughter, in order to seize her property," Mirimskaya's lawyer Alexander Chernov said.</description> <pubDate>Wed, 30 Mar 2022 17:16:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/150903-golubovich/</amplink> <enclosure url="https://english.pravda.ru/image/preview/article/9/0/3/150903_five.jpeg" length="21886" type="image/jpeg"/> </item> <item> <title>McDonald's, Coca-Cola, Pepsi, Starbucks – All gone</title> <link>https://english.pravda.ru/business/150622-foreign_business_russia/</link> <guid isPermaLink="false">e9e80d662aa91934561d6e9ed02a9ea8</guid> <description>On March 8, McDonald's fast food restaurant chain announced a temporary closure of all of its restaurants in Russia. It goes about 850 outlets that employ 62,000 employees. McDonald's CEO Chris Kempczinski said that employees would still be paid their salaries during this period, but did not specify for how long and in what amount.McDonalds' decided to suspend its activities in Russia due to the ongoing crisis in Ukraine as the company cannot ignore the human suffering.Starbucks coffee chain made a similar decision the same day. Starbucks CEO Kevin Johnson said that all activities in Russia were suspended, including all shipments of all products.</description> <pubDate>Wed, 09 Mar 2022 14:18:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/150622-foreign_business_russia/</amplink> <enclosure url="https://english.pravda.ru/image/preview/article/6/2/2/150622_five.jpeg" length="43861" type="image/jpeg"/> </item> <item> <title>Foreign companies leave Russian market one after another</title> <link>https://english.pravda.ru/business/150536-foreign_companies_russian_market/</link> <guid isPermaLink="false">256dd9a22e3db21015260a93ebe02ea0</guid> <description>Many foreign companies, including oil and gas enterprises, are leaving the Russian market due to high risks associated with the sanctions war between Russia and the West. In addition, it will be too difficult for them to withdraw their income from Russia abroad, economist Marcel Salikhov believes. At the same time, oilfield service companies that used to work in Russia back during the days of the USSR, will stay in the country, he added, lenta.ru reports.It is up to company administrations to decide whether they want to leave the Russian market or not. The sanctions that were imposed on Russia following the military operation in Ukraine do not limit their participation in the Russian economy.Russia's response to Western sanctions may in one way or another affect the position of foreign companies in the country, especially with regard to strategic sectors of the economy. In addition, Putin banned foreign companies from withdrawing their funds abroad to parent companies. All this combined has tarnished the assets.</description> <pubDate>Wed, 02 Mar 2022 18:48:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/150536-foreign_companies_russian_market/</amplink> <enclosure url="https://english.pravda.ru/image/preview/article/5/3/6/150536_five.jpeg" length="33421" type="image/jpeg"/> </item> <item> <title>How small businesses go from brick to virtual</title> <link>https://english.pravda.ru/business/149540-virtual_business/</link> <guid isPermaLink="false">3ea3e193066dd30bbf72e93b3dda4bb4</guid> <description>It's difficult to highlight any positives of the recent pandemic. However, if one exists in the business world, it's the virtual infrastructure that was built on the fly to allow companies to make the shift away from traditional brick and mortar operations.If you've been on the fence about a permanent shift in the virtual direction, this is your time to shine.The benefits of going virtual</description> <pubDate>Tue, 02 Nov 2021 15:51:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/149540-virtual_business/</amplink> <enclosure url="https://english.pravda.ru/image/preview/article/5/4/0/149540_five.jpeg" length="46844" type="image/jpeg"/> </item> <item> <title>Evergrande does not fit into the line of China's new policies</title> <link>https://english.pravda.ru/business/149262-evergrande/</link> <guid isPermaLink="false">84b7bda8b7be121393d41cf6d22e9206</guid> <description>On Monday, September 20, during a trading day on the Hong Kong stock exchange, the shares of Chinese developer Sinic collapsed by 87 percent. Experts point out that the shares collapsed due to the "domino effect", which was caused by the crisis of China's another developer giant, Evergrande.In 2020, Evergrande owner Hui Ka Yan was among the top three Chinese wealthy men. Today, however, the development company that he owns has found itself on the verge of default. Evergrande's debts are overwhelming and reach an astronomical amount of $302 billion. How did Hui Ka Yan lead his development empire to such a deep crisis?Evergrande is due to pay its investors $83 million on September 23rd. S&P Global believes that the Chinese government refuses to bail out the debt-stricken company. However, Hui Ka Yan is full of optimism. He assured his employees that his company will extricate from the crisis, although he did not specify how.</description> <pubDate>Thu, 23 Sep 2021 20:29:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/149262-evergrande/</amplink> <enclosure url="https://english.pravda.ru/image/preview/article/2/6/2/149262_five.jpeg" length="85224" type="image/jpeg"/> </item> <item> <title>German Lillevali and tumbled pyramids of grand strategists</title> <link>https://english.pravda.ru/business/149202-pyramids/</link> <guid isPermaLink="false">7bd9c578194b860356de6e7f10d93584</guid> <description>How do famous film directors and athletes become baits for pyramid schemes? How are such prominent figures as Anatoly Karpov, Nikita Mikhalkov and other renowned personalities in Russia involved with the scammers from Anchor-Invest?Scarcely ever it is possible to catch and put into jail big-time operators of financial pyramids how it happened with Mavrodi, the famous "financier of Russia".Apart from Mavrodi, a variety of pyramids existed and continue to operate in Russia that have the same backbone; to take your money.</description> <pubDate>Wed, 15 Sep 2021 20:55:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/149202-pyramids/</amplink> <enclosure url="https://english.pravda.ru/image/preview/article/2/0/2/149202_five.jpeg" length="41868" type="image/jpeg"/> </item> <item> <title>Makhlai blames Uralchem for TogliattiAzot being in trouble</title> <link>https://english.pravda.ru/business/149142-makhlai_togliattiazot/</link> <guid isPermaLink="false">cbfb70fc0a571988b7d4665ecba1134a</guid> <description>The runaway owner of TogliattiAzot, Sergei Makhlai, is once again in the spotlight of Russian media. This time their interest was aroused, apparently, by the media publications sponsored by Makhlai.Recently several Russian media have suggested that the chemical giant TogliattiAzot needs a change of ownership, since the current main owners of the plant, headed by Sergei Makhlai, have ruined the enterprise and criminalized it drastically.This seriously scared Makhlai, who attempted to justify himself and lay the blame on the others.</description> <pubDate>Mon, 13 Sep 2021 12:26:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/149142-makhlai_togliattiazot/</amplink> <enclosure url="https://english.pravda.ru/image/preview/article/1/4/2/149142_five.jpeg" length="68294" type="image/jpeg"/> </item> <item> <title>Exploring differences between bankruptcy in Russia vs. USA</title> <link>https://english.pravda.ru/business/145185-bankruptcy/</link> <guid isPermaLink="false">12cf6116c010d063b89f21a7dc1df6bc</guid> <description>Bankruptcy isn't a topic that anyone likes to discuss. Creditors, debtors, and government officials all get a little queasy at the thought of bankruptcy, but it exists for a reason. And in many situations, it can provide relief when financial friction is heightened. But bankruptcy isn't the same in every country. Laws, rules, and stigmas differ rather significantly - particularly between Russia and the United States.The what and why of bankruptcy Bankruptcy is one of the primary methods by which control over an asset can be transferred to more capable or efficient owners in the instance of market economies. Ultimately, bankruptcy serves three distinct purposes:To solve collective action problems among creditors as they deal with insolvent debtors. To give individual debtors a chance at a "fresh start" when they're overburdened by debt. To preserve/save the financial distress firms have by reorganizing rather than liquidating. Bankruptcy is basically government-sanctioned relief that allows individuals or businesses to have debts forgiven, granted they meet specific criteria and follow certain guidelines. It plays an important role in keeping the larger economic engine hitting on all cylinders. Without bankruptcy, millions of citizens would find themselves impoverished and unable to financially recover from dire situations.</description> <pubDate>Wed, 28 Oct 2020 14:29:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/145185-bankruptcy/</amplink> <enclosure url="https://english.pravda.ru/image/preview/article/1/8/5/145185_five.jpeg" length="41769" type="image/jpeg"/> </item> <item> <title>USA wants to finally kill Russia's Nord Stream 2 gas project</title> <link>https://english.pravda.ru/business/145159-nord_stream_usa/</link> <guid isPermaLink="false">b4af5a7401bbb306fa5a440f6b196e15</guid> <description>The US will expand sanctions against the Nord Stream 2 gas pipeline project. The sanctions will now affect companies that provide services or funding to install equipment on board the vessels that take part in the project. Such a move may permanently halt the construction of the pipeline. The news to expand the sanctions was reported on the website of the US Department of State. Similar restrictions are to be imposed on the participants of the Turkish Stream and other similar projects.The Nord Stream-2 gas pipeline provides for the construction of two sections of the gas pipeline system with a total capacity of 55 billion cubic meters of gas per year from the coast of Russia to Germany along the bottom of the Baltic Sea. Originally, the construction of the pipeline system was supposed to be completed in 2019. However, the work on the project was suspended after US Congress passed a package of sanctions against the participants of the project. The USA remains opposed to the project, claiming that it makes Europe overly dependent on Russian natural gas and increases political pressure on Ukraine, which transits natural gas further to Europe. Kiev and several countries of the European Union share the same position."Russia uses its energy export pipelines to create national and regional dependencies on Russian energy supplies, leveraging these dependencies to expand its political, economic, and military influence, weaken European security, and undermine U.S. national security and foreign policy interests. These pipelines also reduce European energy diversification, and hence weaken European energy security," the US State Department said in a statement.Russia, Germany, Austria and a number of other countries, whose companies are involved in the construction, insist that this is nothing but a business project.In late 2019, the United States imposed sanctions on Nord Stream-2, having demanded the companies involved in the construction should immediately stop their works on the project. Allseas, a Swiss company, pulled out of the project almost at once.Representatives of Russia's natural gas monopoly, Gazprom, stated that they would be able to complete the construction of Nord Stream-2 independently. For the time being, one needs to finish the construction of the section that is 100 kilometres long. On October 17, German Foreign Minister Heiko Maas said in an interview with RND that the project would be completed.</description> <pubDate>Tue, 20 Oct 2020 19:36:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/145159-nord_stream_usa/</amplink> <enclosure url="https://english.pravda.ru/image/preview/article/1/5/9/145159_five.jpeg" length="37593" type="image/jpeg"/> </item> <item> <title>Easy ways to build strong business foundation</title> <link>https://english.pravda.ru/business/145032-business_foundation/</link> <guid isPermaLink="false">7fe0cecd4e6dd8432e6aca6956d0e90c</guid> <description>Startups are a lot like infants. They come into the world vulnerable and needy. And it's your job, as the founder, to protect your new business much like a parent would with a helpless baby.Businesses face numerous risks from the start. And in many regards, it's your ability to protect your fledgling business during these early days that makes or breaks your chances of long-term success. In light of this, here are a few practical tips you may find valuable in your pursuit of growth and stability:Form the Right Legal Entity One of the first steps every business owner should take is to form the correct legal entity. This legal entity will provide tax advantages as well as certain asset protections. The most common types of legal entities include:</description> <pubDate>Thu, 17 Sep 2020 13:44:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/145032-business_foundation/</amplink> <enclosure url="https://english.pravda.ru/image/preview/article/0/3/2/145032_five.jpeg" length="41348" type="image/jpeg"/> </item> <item> <title>Why do people use cryptocurrency despite all the fraud and complexity?</title> <link>https://english.pravda.ru/business/144939-crypto_fraud/</link> <guid isPermaLink="false">a66dcfb2510f1cd91ee43f71798e73dc</guid> <description>With the continuous and rapid evolution of the technological era, digital currencies are gaining popularity daily. They have been gaining traction from the past half-decade. Despite the fluctuations in bitcoin and other cryptocurrencies' value, more and more people start seeing cryptocurrency as a profitable investment.For instance, if we talk about Bitcoin, one of the most popular types of cryptocurrency, it has taken over the digital currency market. If we further discuss its fame, you'll see that it is being used in some of the biggest business names around the globe, including Microsoft, Overstock, and AT&T, now accept it as a method of payment. Here, you might be thinking, why do people use cryptocurrency and cryptocurrency wallets? What are their pros and cons? Is it worth investing in cryptocurrency wallets in 2020? If you have such questions, get them answered here. But first, let us tell you about the MOST USEFUL cryptocurrency wallets.A lot of wallets are designed solely for the storage of cryptocurrencies. At a time when there was a peak in online currency exchanges and thefts, there was a need to create a wallet that will provide ultimate protection. OWNR Wallet is one of the safest bitcoin wallets to buy crypto in 2020. It helps people in keeping their digital money safe from external threats. Along with security, OWNR Wallet offers a variety of useful features for both holders and traders.</description> <pubDate>Tue, 08 Sep 2020 11:33:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/144939-crypto_fraud/</amplink> <enclosure url="https://english.pravda.ru/image/preview/article/9/3/9/144939_five.jpeg" length="72813" type="image/jpeg"/> </item> <item> <title>COVID-19 scam or just simple corruption in Russia?</title> <link>https://english.pravda.ru/business/144430-covid_corruption/</link> <guid isPermaLink="false">847b7e31cf28aa66d6bf1e629b3478d8</guid> <description>Screenshot from the site of Japanese company K.K. Mirai Genomics The Moscow Healthcare Department purchased more than 50 devices and hundred of thousands of test systems for SARS-CoV-2 coronavirus from a company called Medpromresurs. This sounds like good news, if it was not for the dodgy reputation of the company. Thieving businessmen are trying to cash in on the disease that their compatriots suffer from while keeping an eye on the funds from the state budget too. US funded Radio Liberty investigated the Moscow's purchase, that got links to 2019 scandal in Tatarstan.The story began in September 2019. During the Eastern Economic Forum, which was held last autumn, a little-known Japanese company K.K. Mirai Genomics promised to invest 2.5 billion rubles ($30 million) in the production of a diagnostic system for infectious diseases in the Republic of Tatarstan. The systems were supposed to be subsequently acquired at the expense of mandatory medical insurance - the state budget that is. Russian company PharmMedPolis-RT acted as a partner on the Russian side. Taliya Minullina, the head of the Agency for Investment Development of the Republic, put her signature on the agreement for the production of biochips for the diagnosis of influenza. The story was highlighted by a lot of Russian media for its connection to corruption and money-laundering issues. The chips were allegedly patented in Europe, the USA and Japan (coronavirus was nowhere near back then). Strangely enough, the supposedly patented trademark for the LifeRing molecular diagnostic system that consists of disposable chips is not manufactured in any of the above-mentioned countries. Moreover, as the Versia found out, the company's offices in Japan and the United States are located in cheap Class B office buildings, which does not go along with the promise to invest 2.5 billion, because a company like that simply does not have that much money. However, methods for rapid diagnosis of influenza are not just being developed in our country - they are already in practical use. Moreover, the time that is required for testing biomaterial is even shorter in comparison with the time period that foreign-made chips need for the same purpose. K.K. Mirai Genomics was a very little-known company indeed: it did not even have a website at the time when the deal was signed. Mirai never provided any specifications and descriptions of the technology, nor did it say anything about the results of clinical trials. Such facts did not stop the authorities of Tatarstan, though. </description> <pubDate>Fri, 27 Mar 2020 15:44:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/144430-covid_corruption/</amplink> <enclosure url="https://english.pravda.ru/image/article/0/2/7/64027.png" length="97319" type="image/png"/> </item> <item> <title>SDI Group owner Ilgar Hajiyev runs away from debts and prison</title> <link>https://english.pravda.ru/business/144425-Ilgar_Hajiyev/</link> <guid isPermaLink="false">5705a15d4f2f381f25e15a74b052e20e</guid> <description>Ilgar Hajiyev, a developer of Accord Smart residential complex, accused of numerous crimes, including real estate scam, is facing another criminal case in Russia. Defrauded homebuyers are collecting signatures for a petition in their defense. These people, who paid their money for apartments in the Moscow region, Odintsovo сity district, but never received keys to their new homes, demand Hajiyev should be delivered to Russia to stand trial for fraud. Only 4 apartment buildings out of 12 that should have been commissioned in 2020 are built - with many violations."Numerous violations were committed during the construction: façades are falling off, walls and decoration of public areas are crumbling, cardboard doors are already broken," the petition reads. The billion worth scam Hajiyev fled overseas with investors' money in January 2019. It was not only clients, but also business partners, whom Hajiyev scammed, including creditors of SDI Group. Apart from Accord Smart housing complex, subsidiaries of SDI Group were also developers of the Pirogovskaya Riviera residential complex in Mytishchi, the Moscow Region. The complex is being finished by another developer.Hajiyev started building the Pirogovskaya Riviera complex together with businessman Isai Zakharyaev, who later left the project, but never received money for his share. The head of SDI Group owes more than one billion rubles to the former partner. Another one billion Hajiyev siphoned off from the project developer Comfort Invest.</description> <pubDate>Wed, 25 Mar 2020 11:06:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/144425-Ilgar_Hajiyev/</amplink> <enclosure url="https://english.pravda.ru/image/preview/article/4/2/5/144425_five.jpeg" length="33402" type="image/jpeg"/> </item> <item> <title>Will Russia pay $50 bn to Yukos shareholders?</title> <link>https://english.pravda.ru/business/144342-yukos_russia/</link> <guid isPermaLink="false">48755b16d1d407d7446a1eda6e269dba</guid> <description>Russia again owes more than $50 billion to former shareholders of the Yukos oil company after a court of appeal in the Netherlands upheld three international arbitration decisions on the lawsuits of Yukos shareholders that were brought down in 2014 in The Hague. This is the largest compensation in the history of international arbitration. The court thus agreed with the former shareholders that oil company Yukos was illegally nationalized and liquidated, while its assets were transferred to state-owned companies. Following the court decision in The Hague, the company's former shareholders will try to seize Russian property in other countries. It remains unclear, though, how long the complex process will take. The landmark decision to collect $50 billion from Russia was made in 2014 by the Permanent Court of Arbitration in The Hague. The plaintiffs in the case were three offshore companies:Hulley Enterprises Yukos Universal Veteran Petroleum, part of Group Menatep Limited. They owned 70% of Yukos and lost their money during its bankruptcy. Company founder Mikhail Khodorkovsky was not on the list of the plaintiffs. In accordance with the decision, Cyprus-based Hulley Enterprises and Yukos Universal Limited were to receive a compensation of $39.9 billion and $1.85 billion, respectively, while the Yukos Pension Fund Veteran Petroleum Ltd. - 8.2 billion dollars. In 2016, the execution of these decisions was suspended by the first instance of the Dutch court, which satisfied Russia's complaint, but now the plaintiffs will be able to resume their attempts to arrest Russian state property abroad. In turn, the Russian authorities intend to reach the Supreme Court of the Netherlands.Arresting Russian state property abroad worth $50 billion will be quite difficult Russia has the right to appeal the decision at the Supreme Court of the Netherlands, but proceedings in other countries to enforce the decisions to recover more than $50 billion may resume already now.</description> <pubDate>Wed, 19 Feb 2020 14:10:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/144342-yukos_russia/</amplink> <enclosure url="https://english.pravda.ru/image/preview/article/3/4/2/144342_five.jpeg" length="34879" type="image/jpeg"/> </item> <item> <title>Is Bank Trust safe in the hands of Mikhail Khabarov?</title> <link>https://english.pravda.ru/business/144307-bank_trust/</link> <guid isPermaLink="false">a2fe6badb090470f602b75f4d82cfae8</guid> <description>It became publicly known at the end of November last year that Stanislav Kriminsky, an Alfa Group member, would be dealing with financial investigations at the National Bank Trust. Commenting on this appointment, Kriminsky' former colleague and now Executive Director and First Deputy President of Bank Trust, Mikhail Khabarov, said: "Stanislav Kriminsky is a professional who is highly competent in this field, as well as at the international level."It is possible that Trust Bank's CEO personally lobbied for the appointment of Kriminsky, given that both worked at Alfa Group at the same time. Khabarov headed its A1 investment division, which was famous for its aggressive methods in the M&A market, and Kriminsky was his protégé, serving as Deputy Director of Upstream Internal Audit at TNK-BP. Given the methods routinely used by Alfa Group's divisions to obtain insider information, experts fear that Trust Bank may soon be drawn into another high-profile international espionage scandal, similar to the one the consortium endured in the mid-2000s.Riding Diligence Alfa Group, then one of the largest Russian holdings fought over the shares of Megafon with the IPOC International Growth Fund, which had previously accused Alfa Group of fraud in relation to the securities of a mobile operator. According to media reports, Alfa reached out to -the notoriously powerful Washington-based lobbying firm Barbour, Griffith & Rogers, which in turn obtained the services of a private detective firm, Diligence Inc., which was created by former agents of the CIA and MI5. The latter hired an employee from the Bermuda branch of the international auditing company KPMG to obtain insider information about the activities of IPOC (KPMG was completing an audit report on IPOC at the time).</description> <pubDate>Fri, 07 Feb 2020 14:21:00 +0300</pubDate> <category>Business</category> <amplink>https://english.pravda.ru/amp/business/144307-bank_trust/</amplink> <enclosure url="https://english.pravda.ru/image/preview/article/3/0/7/144307_five.jpeg" length="32232" type="image/jpeg"/> </item> </channel></rss> 
