Presence in Russia essential to succeed, seminar hears
Tuesday 21st December 2010, 2:30PM GMT.
COMPANIES wanting to do business in Russia need to have a physical presence in the country to succeed, according to a Guernsey-based financier already working there.
Raven Russia chief financial officer Mark Sinclair, who was one of five panellists at the recent Barclays Wealth seminar looking at the opportunities that exist in Russia, said having that presence was critical.
His company, which is listed on the London Stock Exchange, has been working in Russia for five years and has invested more than $1bn into building 10m. sq. ft of warehouse space.
‘It’s a very exciting place. We are dealing with a country that wants to learn and wants to be successful.
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We are happy to do business with what the outgoing US Ambassador to Russia called a kleptocracy then? If you were high up in the party or KGB you became an oligarch or you were happy to bump off your competitors to get those billions. Scratch more than the surface and the provenance of the ill gotten wealth is clear to see but we adopt an amoral view if it makes us fees. This is the state where government employees arrested a lawyer on trumped up charges and left him to die in prison because he was investigating corporate theft of his employer’s (Hermitage) assets by government tax employees. Or a state where the ex President allegedly knew full well in advance about the plans to murder the London based dissident Alexander Litivinenko and where the Russian state refuses to extradite the prime suspect. Do we have no shame or ethics in our rush to enrich ourselves as long as we can squeeze it through some sieve like FATF list of money launderers. I guess we all know the answer to that one! Oh and is that the same Barclays who used Guernsey to perpetrate the obscenity of “double dipping” tax relief masterminded by Roger Jenkins who Vincent Cable described as the puppet master of deeply repugnant types of tax avoidance schemes?
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