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Reputation Stops Capital Fund Formation
The European Bank for Reconstruction and Development, the Russian Venture Co. and Israeli company Tamir Fishman announced yesterday that they were canceling plans to form the Tamir Fishman Russia Venture Capital Fund. The official reason for the decision is “the statement of minority shareholder in the management company Oleg Shvartsman” and the desire of the EBRD and Tamir Fishman to preserve their reputations, according to a joint statement. The fund was to invest money in high technology in Russia.
Shvartsman, president of Finansgroup and chief manager of Finance Trust, granted an interview to Kommersant on November 30. Finance Trust was one of three winner in the first competition held by the Ministry of Economic Development and Trade to finance high technology use Russian Venture Co. funds. Finance Trust, made up of Tamir Fishman, the EBRD and several Russian companies, including Finansgroup, was to receive 980 million rubles of a 2-billion ruble pot.
A day before the announcement that the Tamir Fishman Russia Venture Capital Fund would not be formed, Konstantin Remchukov, a board member of the Russian Venture Co., told Kommersant that Finance Trust had not met the conditions for receiving Russian Venture Co. funding by filing necessary documents one day late. He added that there were other reasons to deny the company funding as well. That decision must be made by the board of directors, which will meet this month.
www.kommersant.com
All the Article in Russian as of Dec. 05, 2007
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