Seven pyramids have halted the business since early this year, and the aggregate damage suffered by hundreds of individuals exceeded 32 billion ruble.
Photo: Vasily Shaposhnikov
| Other Photos |
 |
|
 |
Pyramids Shaped Up to Unit Funds
According to Russia’s Interior Ministry, the depositors have lost over 32 billion ruble through financial pyramids that collapsed this year. Russia’s residents spent twice as much for buying shares in biggest unit investment funds in 2007.
The amount of losses suffered by depositors through this year’s collapse of financial pyramids is specified in the report of the RF Interior Ministry. Seven pyramids have halted the business since early this year, stripping hundreds of individuals of 32 billion ruble on aggregate.
Of all pyramids that crashed this year, Fund Reserve Insurer, SWS Saving World System S.A. and ISG have caused the greatest losses to the people. The amount is preliminary estimated at 30 billion ruble. The owner of these companies is some A.V. Dyukov, who used to sell long-term life policies of Austrian Si Save-Invest Limited, which had no license for this kind of business. The minimal contribution ranged from 40,000 ruble to 600,000 ruble.
The analysts say the amount of this year’s damage is impressive. “32 billion ruble is a big figure if compared, for instance, with the money attracted by unit investment funds,” said Mikhail Akramovsky, who heads the asset management department at Alliance Rosno Asset Management.
According to Investfunds.ru, the worth of net assets of the open-end funds equaled 121 billion ruble as of early June. Under the Kommersant estimate, the amount of all shares bought from the open-end investment funds covering 70 percent of the market was 60 billion ruble past year.
www.kommersant.com
All the Article in Russian as of June 17, 2008
|
|
|
