BusinessCompany NewsHedge fund alleges $230m tax scam

Hedge fund alleges $230m tax scam

Hermitage Capital Management raises alarm bells on a possible tax rebate fraud worth $230m

Hermitage Capital Management has claimed that fraudsters have allegedly
stolen $230m (£115m) from the Russian tax authorities in a tax scam.

The scheme allegedly involved the forgery, impersonation and the theft of
three investment companies, according to Hermitage. The companies fraudulently
re-registered ownership of the companies before making false tax rebate claims,
the
FT reported.

Hermitage is now in the process of filing criminal complaints over the
affair.

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