Hermitage Capital Management (HCM) CEO William Browder
Photo: Pavel Smertin
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Browder Says Russia’s Doors Are Closed
Hermitage Capital Management (HCM) CEO William Browder has been unable to enter Russia since November 2005, HCM officially said to public at large. The off-the-record ban on Browder’s arrival roots in clashes of the past fall, which were related to consolidation of Rosneft stocks. Russia’s authorities don’t comment on the issue, HCM has pledged to express its views in a closed letter to partners.
Russia’s authorities don’t let William Browder in the country, HCM made an official statement. The matter is being solved by means of diplomacy, HCM said, pointing out it hasn’t affected its business. HCM assets grew 43 percent in price from November 2005.
In November 2005, the border guards of Russia didn’t admit Browder in the country without explaining the reasons. HCM CEO cannot prolong his Russia’s visa now. Sources with the U.K. embassy said off-the-record the embassy has been dealing with Browder’s problems since January 2006. The ban might have been discussed in time of the Moscow tour of UK Energy Minister Malcolm Wicks from March 14 to March 15.
There is no official explanation of the prohibition. Unofficial reason attributes the problems to the HCM’s involvement in discussion of consolidating effort of Rosneft in September 2005 to October 2005.
At that time, Rosneft suddenly refused to shift to the common stock and head for IPO as a property holding. According to the sources, Russia has closed doors to Browder because of Igor Sechin, who chairs BOD of Rosneft and is the deputy head of presidential administration.
www.kommersant.com
All the Article in Russian as of Mar. 20, 2006
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