Mr Browder, one of the leading investment experts in the UK, is taking part in the 8th Russian Economic Forum, currently underway in the British capital, London. Speaking to a press conference here Monday, he commented, at RIA's request, on Russian presidential aide Andrei Illarionov's statement that Russia was suffering from the "Venezuela syndrome." This term is used by economists to describe the nationalization of the most lucrative of a country's resources. According to the British expert, Mr Illarionov's diagnosis is based on emotions rather than facts.
At today's press conference, the Hermitage Capital CEO dispelled several other widespread myths about the Russian economy, specifically ones related to corruption, capital flight, and the Yukos affair.
The Russian government's tax revenues have grown substantially since the arrest of former Yukos CEO Mikhail Khodorkovsky, Mr Browder noted. He admitted that a great deal of money was indeed flowing out of Russia these days, but denied that all of it was channeled into Swiss banks. To corroborate his point, he cited the example of the Norilsk Nickel company, which had invested in the development of gold mines in South Africa, and that of the steel company Severstal, which had acquired a metallurgy plant in Michigan, U.S.
Mr Browder is a renowned advocate for minority shareholders 'rights and a large investor in the Russian economy. He has so far put in about 1.7 billion dollars.
