Hermitage files Russian suit

UK investment group Hermitage has filed a suit in Russia to regain control of
assets taken by the government,
The Guardian
reported.

Hermitage Capital Management chief Bill Browder was charged with tax evasion
by the governments’ interior ministry last year, leading to the seizure of three
companies owned by Hermitage.

A spokesperson for the investment group, which is focused on Russia, said
that ownership of the three of the company’s funds had been re-registered.

‘It happens to Russian companies all the time, but this is probably the first
time it has happened to a foreign company,’ the company said.

British citizen Browder has been a major investor in Russia since the 1990s.
He has been prevented from entering Russia since November 2005.

Russian government interest is said to be focused on the investment group
paying out profits from its Russian companies to entities based in Cyprus.

Further reading:

UK
investment head faces Russian tax allegations

Hermitage seeks to
recover seized Russian asset