Hermitage Capital, the Russian State and the Case of Sergei Magnitsky
January 11, 2010
Hermitage Capital, the Russian State and the Case of Sergei Magnitsky
The Spectator: There’s something rotten in the state of Russia
January 7, 2010
President Dimitry Medvedev was supposed to clean up his country but, says Owen Matthews, feudalism, lawlessness and corruption suit all those keen to hold onto money and power.
There is a chilling sequence in Tsar, Pavel Lungin’s dark and brilliant new film about Ivan the Terrible. Ivan, played by the mercurial rock musician Pyotr Mamonov, steps out of his private chapel wild-eyed after a long session of wheedling and bargaining with his God. The Tsar walks, lost in thought, through a series of rooms. As he shuffles along grovelling boyars ceremonially dress him. One group gently places a cloth-of-gold gown over his shoulders. Another group presents an embroidered collar, then cuffs, a crown and staff. Finally the Tsar emerges into the winter sunlight, golden and terrible. The crowd of people who have been waiting for him since dawn prostrate themselves in the slush and the shit of the palace yard. Silence falls. The message is clear: for the grovelling boyars and the grovelling peasants alike, the Tsar is God’s messenger on earth, the sole fount of worldly power and protection.
The Global Graft Report: What Happened To Sergei?
January 5, 2010
Hermitage Capital Management was the biggest foreign investor in Russia. Then in 2005, it all went wrong. CEO William Browder was banned from the country on what he says was a pretext. Two years later, 50 police officers from the Moscow Interior Ministry raided Hermitage’s offices and those of its lawyers. The police took corporate documents and seals. Those same instruments were allegedly used in 2008 to fraudulently obtain $230 million that the Hermitage Fund companies had paid in taxes two years earlier.
Also in 2008, one of Hermitage’s lawyers who didn’t leave Russia or go into hiding, Sergei Magnitsky, above, was thrown into jail. He died in custody in November 2009 at age 37. His jailers first said he ruptured his abdominal membrane; then they said it was a heart attack. Officials have refused his family’s requests for an independent autopsy.
For more information please visit