Prosperity Capital Management: A Warning to Potential Investors in Russia
30 Jul 2010
The Moscow Times
Writing in an opinion editorial in The Moscow Times, Liam Halligan and Denis Spirin from Prosperity Capital warn of the dangers of investing in Russia's energy sector.
Prosperity, former minority shareholders in the TGK-2 electricity generator, have been going through Russia's domestic legal system claiming Kores Invest, controlled by Federation Council Senator Leonid Lebedev, owes them and other shareholders over $300 million as a result of TGK-2's 2008 privatization. The authors believe their case to be "among the worst" abuses since the YUKOS Affair. They are now appealing their case to the Supreme Court - the first case which the court will hear regarding Russia's strategic investment law.