Word: browders
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...officials have talked tough with West European leaders, raising the prospect that they might divert energy supplies to China and the U.S. if the Europeans don't meet their demands for better access to Western markets, including ownership of some refining and distribution operations. The Russians have barred William Browder, a leading Western investor in Russia who has been a big critic of Russian corporate practices, from re-entering the country, after he was denied entry last November without explanation. And just last month, Russian officials refused to participate in a meeting in Tbilisi, Georgia, sponsored by the International Energy...
...business remains upbeat about Russia. Britain's BP has invested about $8 billion in a joint venture in Russia; John Browne, BP's chief executive, says that Russia "has become in the last five years one of the more secure suppliers to Europe and the rest of the world." Browder hasn't given up on Russia, either, even though he's not allowed back into the country. He lists Gazprom as one of the companies he has successfully pressured into improving its management practices. So far the Russians haven't reacted to the public fuss he has been kicking...
...outset of the first term of President Vladimir Putin, who appointed him economic adviser in 2000, he has been outspoken in his efforts to curb state interference in the economy, especially in the all-important energy sector. "He's one of the smartest people in Russia," says William Browder, founder of a Moscow-based investment fund. But last week Illarionov, 44, abruptly resigned. "When I took the job, we spoke about pursuing a liberal economic policy," he explained. "Now, the state has evolved in quite the opposite direction." In an interview with Time, he implied that he had been under...
...protection from powerful locals who use practices frowned upon in the West - such as sales of stock to insiders at below-market prices and reverse stock splits - to squeeze out small shareholders. "One shouldn't get caught up in the emotion of a political fairy tale," cautions William F. Browder, who runs Moscow-based investment firm Hermitage Capital Management and says Ukraine is about five years behind Russia in terms of investor-protection legislation. "There are serious legal and financial issues that need to be resolved before Ukraine becomes an attractive place for foreign investors. Anyone who rushes into Ukraine...
...before Khodorkovsky's arrest, has a 50% share in its Russian joint venture. "That's a deal we won't see repeated," says Jonathan Stern of the Oxford Institute for Energy Studies. "The climate now is for strategic minority investments by foreign companies in Russian energy." Says William F. Browder, president of Hermitage Capital, an investment group based in Moscow: "For foreigners, the opportunities are dwindling very quickly...