Putin's grand plan triggers governance backlash
Investors harbour anxieties about standards of eastern bloc firms listing in London
Terry Macalister and Jill Treanor
Friday April 28, 2006
The Guardian
Vladimir Putin's ambitions for state-owned energy companies such as Gazprom and Rosneft to become global giants is triggering a backlash in western countries, including high-level complaints about the way foreign investors are being treated in Russia.
Clara Furse, head of the London Stock Exchange, which could host a flotation in July by the Russian oil company Rosneft, has written in support of the institutional investor Hermitage Capital Management, whose boss has been barred from visiting Russia for the last four months.
F&C, a top City investor, cautioned yesterday that the Rosneft flotation raised serious questions of governance and legal risk, reflecting wider concerns in the investment community about governance standards of eastern bloc companies floating in Britain. read more
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