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firm, confiscating documents and computers. When a member of the firm protested that the search was illegal, he was beaten by officers and hospitalized for two weeks. Hermitage became victim of what is known in Russia as "corporate raiding": seizing companies and other assets with the aid of corrupt law enforcement officials and judges. Three
Hermitage holdings companies were seized on what the company's lawyers insist are bogus charges.
142:. Its tactics include the exposure of corporate corruption in the companies it is holding, in the hope of improving managerial behaviour and lessen the significant discount that corruption has on share prices. Most famously, Hermitage has helped to expose several high-profile cases of corruption in Russia's largest company
224:
Opalesque.TV released a video on 8 February 2010 in which
Browder reveals details of Sergey Magnitsky's ordeal during his eleven months in detention. In 2012, Hermitage filed a complaint with Cyprus anti-corruption agency Mokas regarding $ 31 million funds illegally moved from Russia through a chain
210:
reported in 2008, over the next two years, several of his associates and lawyers, as well as their relatives, were victims of crimes, including severe beatings and robberies during which documents were taken. In June 2007, dozens of police officers raided the Moscow offices of
Hermitage and its law
540:
For Mr. Browder, 44, Russia was more than a place to do business. His grandfather Earl
Browder was a committed Communist from Kansas who moved to the Soviet Union in 1927, staying for several years and marrying a Russian. He returned with her to the United States to lead the Communist Party for a
243:
In May 2018, Bill
Browder praised the Magnitsky amendment to the Proceeds of Crime Act released in the United States calling for "swift and robust action" adding that "top Putin oligarchs should be on that list". Also in May, Browder was briefly detained in Spain when a Russian arrest warrant for
182:
In April 2008, because three of
Hermitage Capital's subsidiaries had been placed under control of Boily Systems, which is a British Virgin Islands (BVI) company that CTL established in 2007 for G.S.L. Law & Consulting which is a firm in Russia, Hermitage Capital Management sent a letter to
228:
In 2013, Hermitage closed its
Russian fund which in 2005 had over $ 4 billion in assets under management. In 2013, the fund was evaluated as having less than $ 60 million in assets. Closing the fund led to a dispute between investors and HSBC which was a manager and trustee of the fund.
442:
As the manager of a big
Russian investment fund, Bill Browder has contributed to the circulation of the first kind of money--as well as making a packet for himself, and making his rich clients even richer. But he has also interfered with the supply of the second sort of money--and been
221:, a partner of the legal company Firestone Duncan, who was a representative and legal consultant for William Browder in Moscow, having been accused in tax fraud and imprisoned for 11 months, died in prison. In 2013 it was announced that Magnitsky will go on trial posthumously.
232:
In
December 2017, Browder and Cherkasov were sentenced in absentia to 9 years and 8 years of imprisonment respectively by a Russian court for tax evasion by Hermitage Capital Management and causing $ 58 million of damage to the Russian federal budget.
27:
460:"Caribbean Go-Between Provided Shelter for Far-Away Frauds, Documents Show: British Virgin Islands firm kept doing business with shady characters even as regulators prodded it to obey anti-money-laundering laws"
267:
Thomas Ward, a
Canadian with an MBA, and Scott Wilson, a Texan with a minority stake who had been a computer guru and a radio engineer in the Caribbean, co-founded Commonwealth Trust Limited in the mid-1990s at
146:
between 1998 and 2000. In October 2000, Hermitage reported that "investors are valuing this company as if 99 percent of its assets have been stolen. The real figure is around 10 percent so that's good news."
225:
banks in Cyprus. However, in 2015, Cyprus police passed the documents to Russian investigators in the alleged tax-evasion case of Magnitsky and Browder, widely described as a set-up.
240:
announced that on behalf of the General Prosecutor's Office of the Russian Federation, she was investigating Bill Browder and Hermitage Capital, but denied working for the Kremlin.
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Since 2015, Hermitage has operated as a family office hedge fund based in London, having returned outside capital to investors. The focus of the fund is still in emerging markets.
816:
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Commonwealth Trust Limited (CTL) claiming that thieves had taken control of Hermitage's three subsidiaries. One of the companies,
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by the Russian government as a "threat to national security" and denied entry to the country. According to publication in
528:
351:
390:"Gazprom and Hermitage Capital: Shareholder Activism in Russia", Stanford Graduate School of Business Case IB-36, 2002
26:
300:
401:"The man who was once Russia's largest foreign investor says he should've 'never gone there in the first place'"
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created in 1996, was rated as extremely successful after earning 2,697% between 1996 and December 2007.
796:
187:, a stolen Magnitsky company with a Great Britain postal box, assisted in more than $ 5.8 billion in
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detailed a critical account of inconsistencies it claims to have found with Bill Browder's stories.
553:
367:
326:
554:"Opalesque BACKSTAGE Video - Bill Browder: Sergey Magnitsky case reveals Russia's ugliest face"
368:"Opalesque BACKSTAGE Video - Bill Browder: Sergey Magnitsky case reveals Russia's ugliest face"
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112:. Chief operating officer is Ivan Cherkasov. Hermitage Capital Management headquarters are in
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On 8 October 2008, Hermitage released a video on YouTube accusing Russian police of fraud.
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The Hermitage Fund has been extremely successful, gaining 2,697% through December 2007
488:"Mega-donor to pro-Russian party benefits from Magnitsky and Azerbaijani laundromats"
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Although the fund's founder William Browder was a supporter of Russian president
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301:"Hermitage Capital Management Limited: Private Company Information - Bloomberg"
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Foreign Policy Magazine: They Killed My Lawyer. A story of Putin's Russia.
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Hudson, Michael; Candea, Stefan; Walker Guevara, Marina (5 April 2013).
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709:"UK urged to sanction 'top Putin oligarchs' as new powers take effect"
639:"Russia sentences fund head Browder who campaigned in Magnitsky case"
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684:"Putin critic: Veselnitskaya 'an agent of the Russian government'"
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733:"Bill Browder briefly detained in Madrid under Russian warrant"
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425:"An enemy of the people: The sad fate of a loyal Putinista"
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154:, an activist fund focused on global emerging markets.
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Investment management companies of the United Kingdom
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International Consortium of Investigative Journalists
486:Spriņģe, Inga; Shedrofsky, Karina (20 March 2019).
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244:extradition placed him on Interpol's Red Notice.
827:Financial services companies established in 1996
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756:: CS1 maint: bot: original URL status unknown (
622:: CS1 maint: bot: original URL status unknown (
519:"An Investment Gets Trapped in Kremlin's Vise"
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199:during 6 months in 2010 and 2011 according to
772:"Questions Cloud Story Behind U.S. Sanctions"
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344:Red Notice: How I Became Putin's No. 1 Enemy
327:Hermitage Capital Management Company Profile
16:Investment fund and asset management company
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739:. Archived from the original on 2018-06-12
605:. Archived from the original on 2018-06-12
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247:In November 2019, an article published by
599:"Hermitage closes embattled Russian fund"
329:. LinkedIn Overview. Accessed 2010-04-23.
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812:Hedge fund firms in the United Kingdom
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138:Hermitage describe themselves as an
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517:Levy, Clifford J. (24 July 2008).
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100:company specializing in
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278:British Virgin Islands
238:Natalia Veselnitskaya
217:On 16 November 2009,
38:Investment management
822:Corruption in Russia
637:Reuters Editorial.
531:on 11 December 2008
104:markets founded by
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66:Headquarters
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776:Der Spiegel
471:21 December
249:Der Spiegel
197:Danske Bank
171:blacklisted
79:Area served
806:Categories
743:2018-06-11
718:2018-06-11
693:2018-06-11
648:2018-06-11
609:2018-06-11
584:2015-12-05
560:2010-02-08
535:2008-07-24
499:11 January
493:Re:Baltica
437:2008-07-24
410:2018-06-11
374:2010-02-08
310:2018-06-11
288:References
752:cite news
657:cite news
618:cite news
270:Road Town
83:Worldwide
342:(2015).
193:Swedbank
114:Guernsey
71:Guernsey
52:Founders
34:Industry
274:Tortola
206:As the
144:Gazprom
102:Russian
44:Founded
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126:Moscow
122:London
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272:, on
255:Notes
758:link
669:help
624:link
501:2020
473:2019
348:ISBN
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688:CNN
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