HSBC Holdings Plc is closing Hermitage Capital Management Ltd.’s flagship Russia fund just as its co-founder, William Browder, is being sued for libel in London and tried in absentia for tax evasion in Moscow.
Russia opened a criminal case into purchases of OAO Gazprom stock by Hermitage Capital Management Ltd. as prosecutors prepare for the trial of the fund’s founder and his dead legal adviser on tax-fraud charges.
Russian authorities plan to formally charge Hermitage Capital Management Ltd. founder William Browder with tax evasion as a possible step toward requesting his extradition from the U.K., an official said.
Pennsylvania’s Department of Environmental Protection Secretary Mike Krancer will step down April 15 to rejoin his former law firm, Blank Rome LLP in Philadelphia, where he will head the firm’s energy, petrochemical and natural resources practice.
OAO Gazprom, Russia’s natural gas export monopoly, is thwarting efforts to boost oversight of its $28.9 billion in capital spending as the state seeks to improve investment, Deputy Economy Minister Sergei Belyakov said.
Russian police are threatening to seize documents unless HSBC Holdings Plc hands over information required for a criminal investigation into Hermitage Capital Management Ltd., the investment fund said.
Russia plans to try William Browder, head of London-based Hermitage Capital Management Ltd., for tax evasion, along with Sergei Magnitsky, the fund’s lawyer who died in custody in 2009, RIA Novosti said.