Wednesday, October 20, 2010

Hermitage Capital Loses Appeal to Return Companies

Hermitage Capital, formerly Russia's largest portfolio investor, lost its appeal in the state arbitrazh courts to recover control over three Russian companies through which it contends that 5.4 billion rubles was stolen from the state treasury in 2007 through fraudulent tax return requests made by the companies. Hermitage contended that by recovering control over the companies it could gain access to documents proving the fraud.

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