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15 Jun 2007
Russia's biggest foreign portfolio investment fund – headed by British fund manager William Browder – is facing a criminal investigation relating to underpayment of tax.
Russian officials from Moscow's Interior Ministry yesterday revealed that the country's law enforcement authorities were investigating whether a firm linked to Browder's Hermitage Capital Management was responsible for underpaying £22m in tax.
According to the officials, Browder is being targeted for being behind the scheme, the FT reported.
'This is a serious sum of money and it would destroy the business reputation of anyone in the West,' a ministry official said.
Hermitage denied underpaying taxes.
'Taxes were paid in full compliance with Russian law,' Hermitage said, adding that the company also said that the company being investigated was not part of its fund but rather an investment fund being advised by a Hermitage affiliate.
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