Word: sidanko
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Browder has been one of the few foreigners to engage Russia's economic oligarchs in battle. In late 1997 he took on Vladimir Potanin, at the time Russia's top banker. Potanin had offered a closed bond issue for Sidanko, a major oil company that was one of his pet properties, to insiders of his own choosing. Browder cried foul and adroitly used the Western press to plead his case that the new shares arising from the bond issue would dilute minority shareholders' stakes. In the end, Russia's Federal Securities Commission canceled the issue...
...Russian market. Since August 1998, when the country suddenly devalued the ruble and defaulted on $40 billion in foreign debt, notes Browder, "Russia's been cut off from the capital markets, and thus there's been no incentive [for local businessmen] to behave"--hence ploys like the Sidanko caper. But those who have played Russia's market for years know it is ruled by a simple equation: high returns rarely come without equally high risks. "One can't be blind to Russia's problems," says a British corporate security consultant who advises Western companies. "But one can certainly still...
...Street," quips an American investment banker in Moscow, "just say the word Russia." For too many foreigners, investing in Russia has proved to be tortuous and hugely expensive. Just ask the folks at BP Amoco. Last fall the company nearly saw its $484 million investment in Russian oil giant Sidanko all but disappear in a maze of Russian corporate shenanigans. In a complex scheme with a brutishly simple result, Sidanko's most prodigious subsidiary was declared bankrupt and sold for a song to a rival, the Tyumen Oil Co. (TNK). BP Amoco vehemently objected and in late December reached...
...President Jack Meyer acknowledged that HMC and Soros purchased significant shares of both Novolipetsk, Russia's second-largest steel mill, and Sidanko Oil, one of the world's largest oil companies...
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