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TT Business Intelligence Report Vol. 2, No. 40, 19 February 2003 Business Intelligence, Crime, Corruption and Debt in C&E/SE Europe and the former Soviet Union  UPCOMING CONFERENCES ADAM SMITH INSTITUTE'S "CIS & EAST EUROPEAN STEEL SUMMIT" To take place on 5-6 February 2003 at the Radisson SAS Portman Hotel, London, United Kingdom. For further information, contact Tom Blackwell on tel: +44 (0)20 7490 3774 or e-mail: [email protected], W: www.asi-conferences.com ADAM SMITH INSTITUTE'S "THE RUSSIAN AUTOMOTIVE SECTOR" To take place on 18-19 March 2003 at the Marriott Grand Hotel, Moscow, Russia. For further information, please send enquiries to [email protected] or call Louise Pasha on tel: +44 (0)20 74903774, W: www.asi-conferences.com BEM'S "THE CASPIAN BANKING & FINANCE SUMMIT 2003" To take place on 19-20 March 2003 at the Hilton Convention Centre in Istanbul. For further information, contact Daniel Morrissy, Director of Caspian Region, BEM on direct tel: +44 (0)20 8951 1563, or e-mail: [email protected], W: www.bemltd.com BELARUS MOSCOW MAY SOON ACQUIRE BELARUSIAN GAS NETWORK After months of friction, Belarus is moving to let Russia take over its gas network even sooner than Moscow originally demanded. Earlier this month, unidentified Belarusian officials told the Interfax news agency that the government will turn the state gas firm Beltranshaz into an open joint-stock company before 1 April. The privatization next month could effectively allow neighboring Russia's natural-gas monopoly Gazprom to gain control even earlier than the 1 July target date agreed to in December. The speedup seems to be part of a remarkable recovery in relations, which fell apart in a fury last August after President Lukashenka blasted President Vladimir Putin's proposal to unify the countries' currencies at the start of next year. The union treaty calls for the monetary merger to take place in January 2004, which has now been reaffirmed as the date for adopting the Russian ruble in Belarus. (RFE/RL 18.ii.03) BOSNIA AND HERZEGOVINA ROUNDTABLE ON UTILITIES' PRIVATISATION, MARKET LIBERALISATION HELD IN SARAJEVO The WB, the EC Delegation to BiH and the Office of the High Representative held yesterday in Sarajevo a roundtable on liberalisation of public services and utilities' privatisation. The discussions were particularly focused on the reforms in the power and telecom sectors. It was stressed that the current high tariffs of utilities in BiH represent an obstacle in front of the development of businesses and put an additional burden on the population. It was said that local and international experts have already prepared the so-called programme Power III, aimed at liberalising the power sector. In this relation, the WB Director in BiH Joseph Ingram expressed concern over the fact that certain politicians are trying to obstruct the realisation of this project financed by the international community. Yesterday's roundtable was the first one in a series of events to be held in the coming months and to tackle problems related to the liberalisation of utilities' services, competition and privatisation in BiH. (IntelliNews 19.ii.03) BULGARIA FRENCH AMBASSADOR SAYS BULARIA'S POSITION ON IRAQ COULD HARM E.U. INTEGRATION EFFORT French Ambassador to Bulgaria Jean Loup Kuhn-Delforge said in an interview in Sofia that Bulgaria's position on the Iraq question could pose problems for its EU-integration effort because public opinion in western Europe might turn against the candidates Kuhn-Delforge seemed to be alluding to the Vilnius 10 group's support for the United States. Kuhn-Delforge was essentially repeating a similar warning made earlier by a French foreign ministry spokesman. "Bulgaria has to consider carefully where its long-term interests lie," the ambassador said. "I think that when people live in Europe they should express solidarity and think European-style." News reports noted that the interviewer failed to ask Kuhn-Delforge what the European position on the Iraq question is, given high-profile differences between France, Germany, and Belgium on the one hand and the United Kingdom, Spain, Portugal and Italy on the other. (NewsBase 14.ii.03) CROATIA DRUZHBA DEAL SIGNED President Vladimir Putin and Croatian President Stipe Mesic on Monday signed cooperation documents related to a $20 million project to join the Druzhba and Adria oil pipelines, Interfax reported. The Druzhba carries oil from Russia to Western Europe to the Adria pipeline, which carries oil from the Adriatic coast into Croatia and Bulgaria. Putin used a meeting with Mesic to urge the loosening of visa restrictions for Russian travelers, saying that he was certain more Russians would head to Croatia's Adriatic resorts. (The Moscow Times 18.ii.03) I.N.A. TO MAKE FINAL DECISION ON PURCHASE OF AVANTI GROUP (AUT) After three months of secret negotiations, INA is to make its final decision shortly on the purchase of the Austrian Avanti group, a company dealing with the distribution of oil products, based in Vienna. The Avanti group has 189 petrol stations, 109 in Austria, 42 in Hungary, 11 in Czech Republic, 20 in Slovakia, six in Romania and one in Bulgaria, as well as warehouse space in Vienna. INA's representatives have already completed due diligence, and have entered into the negotiations together with Bank Austria, considering that the Avanti Group is over indebted and Austria Bank is the prime creditor. To date, the price INA is to pay for all 189 petrol stations has not yet been confirmed, but it is estimated at about $50 million, with an addition $90 million in debt to be taken over. However, this amount is less than half the nominal value of the petrol stations. A serious competitor in the takeover of the Avanti Group is the Austrian oil giant OMV. However, after last week's acquisition of 313 BP petrol stations, OMV's expansion appetite has been calmed somewhat. In addition to the INA management board, the decision on the purchase of the Avanti Group is to be confirmed by the company's supervisory board. (NewsBase 17.ii.03) CZECH REPUBLIC FIGURES REVEAL MYSTERIOUS GOLD EXPORTS FROM CZECH REPUBLIC The Czech Republic last year exported a total of 5 tons of raw gold worth CZK 1.6 bln, according to customs figures. This quantity accounts for one-third of Czech National Bank gold reserves. According to these figures, the Czech Republic surpassed largest European gold producer Sweden with a yearly yield of 4.5 tons of gold. However, no one is capable of explaining the source of so much gold in the Czech Republic. Czech Stamping Office CEO Martin Novotny believes the gold export is fictitious so as to profit from VAT deductions. (PBJ 19.ii.03) KOMERCNI BANKA - FIRST CZECH BANK TO OFFER CHIP CARDS TO E.M.V. STANDARDS Komercni banka became the first Czech bank to offer chip cards complying with the EMV international standards to its clients on Monday, representatives of the bank and the Visa company told a news conference. The Visa cards have both a chip and a magnetic strip, and they can also be used in places other than those equipped with a chip reader. The other large Czech banks are planning to introduce chip cards this year or in the near future. "CSOB will start to issue chip cards in May this year or so," said Pavel Hejzlar of CSOB's PR section. In 1996, Postovni Sporitelna became the first Czech bank to introduce a chip card, but its Maxikarta does not comply with international standards. Ceska sporitelna and GE Capital Bank have said they will be ready to introduce the product in 2005, in line with the requirements of the relevant associations. "The technological preparation for the introduction of chip cards is under way this year," said Jan Hainz, a spokesman for GE Capital Bank. The main advantage of a chip card is increased safety: it is practically impossible to copy or forge chip cards, said Anne Cobb, Visa International's president for central and eastern Europe. Besides, transactions with a chip card should be faster, while the price is likely to remain the same as that of cards with a magnetic strip. "We do not suppose the introduction of chips should affect the price of cards," said Komercni banka's deputy CEO Jitka Pantuckova. The bank is offering chips with the basic Visa Elektron cards, while with higher-class cards it will start to provide chips from the beginning of March. All cards on the Czech market should be equipped with a chip by 2005. (NewsBase 18.ii.03) UNICREDITO ITALIANO S.P.A. WRAPS UP TAKEOVER OF 85.2% OF ZIVNOSTENSKA BANKA Roberto Nicastro of UniCredito has become the new supervisory board chairman at Zivnostenska banka today, and Carmino Ferraro was appointed deputy chairman, according to Zivnostenska banka spokesman Karel Jezek. The two representatives of the new majority owner of ZB replaced Dirk Hoffmann and Detlef Schmidt on the supervisory board. The supervisory board is now composed of Roberto Nicastro, Carmino Ferraro, Ivana Buresova, Vladimir Burian, Heinz. D. Gottschalk, and Hubert Piel. The second largest Italian bank UniCredito Italiano S.p.A. has wrapped up the takeover of 85.2% in Zivnostenska banka from Bankgesellschaft Berlin AG. The whole of ZB was appraised at E204 million, and the bank will therefore pay E174 million, 5.5 billion crowns, for the stake. The acquisition will secure for the Italian group a strong base for the development of banking operations in the Czech Republic. It is expected that ZB will expand its network of branches and raise the market share especially in the segment of small- and medium-sized companies and retail banking. ZB's takeover will help UniCredito beef up its presence in central and east Europe, where it is active in Poland, Croatia, Bulgaria, Romania and Slovakia, and in Turkey. (NewsBase 13.ii.03) HUNGARY P.M. OUTLINES "THE EUROPE PLAN" Prime Minister Peter Medgyessy outlined a 10-point programme that he called "the Europe plan" in his state-of-the-nation speech at a session of parliament, the local media reported. Among other things, Medgyessy promised to provide more favourable credit opportunities to small and medium-sized enterprises and those in the agricultural sector. He also pledged to upgrade the country's health-care system, start construction of Budapest's fourth metro line, and spend over 800 billion forints, $3.5 billion, on constructing new motorways. The keynotes of his speech were unconditional support for EU accession and pointing out that the government is on the side of peace in the Iraqi crisis. The "Europe plan" programme will require some 1 trillion forints in budgetary outlays, according to Nepszabadsag. Opposition speakers said Medgyessy did not sincerely face the real problems, and consequently could not provide any answers to important questions. (NewsBase 13.ii.03) MINISTRY INAUGURATES EU-ACCESSION WEBSITE The Hungarian Foreign Ministry on 10 February launched a website (http://www.eu2004.hu) concerning the EU and Hungary's accession process, "Magyar Hirlap" reported on 10 February. (RFE/RL 11.ii.03) KAZAKHSTAN KAZAKH PRESIDENT LISTS BANKING SECTOR'S PRIORITIES Addressing the third Congress of Kazakh Financiers, President Nursultan Nazarbaev expressed satisfaction on 14 February that Kazakhstan's banking sector and financiers are acknowledged to be among the best in the CIS, Interfax reported. At the same time, he ordered the government to "rein in" inflation and tasked the government and the National Bank with drafting a new concept for developing the financial sector over the next few years. He further complained that the stock market is not developing as fast as it should and that investors show little interest in it. (RFE/RL 18.ii.03) EUROPEAN PARLIAMENT CONDEMNS HUMAN RIGHTS ABUSES IN KAZAKHSTAN In a special resolution unanimously adopted on 13 February, the European Parliament condemned in unprecedentedly tough terms the recent trials of opposition politicians and an independent journalist in Kazakhstan, Reuters and eurasia.org.ru reported. The resolution focuses specifically on the trial on charges of statutory rape of journalist Sergei Duvanov and on the sentencing last year on embezzlement charges of opposition politicians Mukhtar Abliyazov and Ghalymzhan Zhaqiyanov. It calls on the Kazakh authorities to conduct independent investigations of all three cases and to make public their findings. It also calls on Kazakhstan to make available information on all ongoing investigations and trials, to criminalize the use of torture, to review the new law on the reregistration of political parties, and to embark on a dialogue with the opposition on ways to end the existing standoff between them. (RFE/RL 14.ii.03) MOLDOVA MOLDOVAN PRESIDENT VISITS MOSCOW Russian President Putin met with his Moldovan counterpart Vladimir Voronin in Moscow on 7 February to discuss bilateral economic and political relations, ITAR-TASS and Moldovan news agencies reported. Putin said he and Voronin agreed that negotiations on settling the Transdniester conflict must continue with the Organization for Security and Cooperation in Europe (OSCE), Russia, and Ukraine serving as mediators. He also said Russia wants the Transdniester to be granted special status, while Moldova's sovereignty and territorial integrity must be strictly respected. Putin also said Russian investors should participate in the privatization process in Moldova. Voronin told journalists after the talks that the nature of relations between the two countries is one of a "long-term strategic partnership." He also said Moldova has no plans to join NATO, as its constitution defines it as a neutral state, but that the country will strive to achieve EU integration. "In April I will go to Brussels. The sooner we begin this work, the better the results will be," he said. Voronin also insisted that the "backbone" of future CIS efforts must be geared at establishing an economic free-trade zone among its members. He said Moldova insists on the immediate evacuation from or the on-the-spot destruction of the obsolete Russian arsenal in the Transdniester, because it poses a danger to the population. Voronin also said he hopes that the Russian language will be granted official status in Moldova in 2003. (RFE/RL 10.ii.03) POLAND D.T. UNLIKELY TO WIN DISPUTED P.T.C. SHARES FROM ELEKTRIM The Vienna Arbitrational Tribunal announced that this week it will rule on the case of Elektrim's stake in Polska Telefonia Cyfrowa which is disputed by Deutsche Telekom (DT). The case relates to DT's accusation that Elektrim took over a stake in PTC, while being in a very poor financial condition, and therefore DT demanded authorization for a call option on the stake, plus additional compensation for violation of the terms of the shareholders contract. "I do not see any other possible decision that the court could make, besides a one which will be beneficial for Elektrim. The financial position of the company is not endangered in any way," said a source close to Elektrim. This view is also supported by many analysts and press reports. The Tribunal's decision against DT, would also mean the speeding up of Polsat taking control over Elektrim, and its most significant subsidiary, Elektrim Komunikacja, which owns a 51% stake in PTC. (WBJ 19.ii.03) QUESTION MARK OVER L.O.T. BOARD MEMBERS ADDITIONAL EARNINGS Gazeta Wyborcza confirmed its yesterday's front page story about a report on the Swissair airline prepared by Ernst&Young, in which it stated that seven members of LOT's management broke the law when they received over 1 million Swiss francs from the company for advisory services between September 2000 and October 2001. LOT spokesman Leszek Chorzewski claims, "LOT management board members performed tasks exceeding their professional duties, which aimed at developing the carrier's alliance in Central Europe." Moreover, a legal opinion on the issue prepared for the airline claims it did not break the law. "LOT supervisory board president was a representative of State Treasury who knew well about it," added Chorzewski. Treasury spokeswoman Beata Jarosz said, "We found it out from the press and we will ask LOT to explain it." (WBJ 19.ii.03) ROMANIA W.B. TO DRAFT STRATEGY FOR PETROM PRIVATISATION The World Bank will draft a strategy for the privatisation of Petrom and present it to the Romanian government, announced the WB office chief in Romania, Ziad Alahdad. Under the timetable for Petrom prepared by the Industry and Resources Ministry, the privatisation strategy should be approved by the beginning of April. The consultant on the privatisation process - a consortium of Credit Suisse First Boston and ING Barings Ltd. - will submit then the report on the strategy to the government. The document will outline several scenarios for the privatisation method and the stake to be unloaded for sale. The sales contract is due to be signed by the end of this year and the December 31 deadline is set also in the government's PSAL II programme with the WB. (IntelliNews 19.ii.03) RUSSIA KREMLIN AUDIT: MILLIONS MISSPENT Hundreds of millions of dollars of government money have been misspent in the last two years, according to a report released this week by the Kremlin's financial watchdog. The presidential administration's auditing directorate said in a report posted on its web site that ministries misappropriated a vast, but undefined chunk of six extra-budgetary funds through which they were given $1 billion over two years. Dozens of extra-budgetary funds are doled out to ministries every year for compelling needs that fall outside their regular federal budgets, ranging from social programs to research and development. Oversight responsibility for how the money is spent is delegated to the ministries themselves. The verdict of abuse came after a two-month investigation of six funds given to six different ministries: Defense, Nuclear Power, Natural Resources, Industry Science and Technology, Labor and Justice. The Justice Ministry's fund is alleged to have misspent 1.1 billion rubles ($34.4 million) given to it to develop the court system. Of this, 3 million rubles inappropriately financed a high-level junket to the Far East, as well as gifts for top ministry officials, the report said. The Labor Ministry is alleged to have misspent money allocated for rehabilitating invalids and health care for the poor through its Republic Fund for Social Support. Within this fund, $1.35 million was allotted to aid with "complex social rehabilitation, rest and health invigoration of disadvantaged Moscow citizens." Instead, about $1 million was redirected over the past two years toward the construction of expensive cottages. The Kremlin auditors allege that such homes were never intended for use by Moscow's disadvantaged. The report also takes issue with the Defense Ministry's use of its fund to help servicemen and their families with housing and health expenses as well as to extend aid to veterans. But only 5.4 percent of its resources has gone toward these goals. The remainder, or more than 50 million rubles, went into managers' pockets or was funneled into "various celebrations and cultural events," the report's authors wrote. (The Moscow Times 19.ii.03) B.P. TO INVEST $6.75 BILLION IN RUSSIAN/UKRAINIAN OIL SECTOR British Petroleum and the Russian financial-industrial concerns Alfa Group and Access/Renova have announced the biggest business partnership in Russia's postcommunist history, RTR and other Russian news agencies reported on 12 February. The partners will create a new company that will merge all the oil-sector assets of the three participants on the territory of Russia and Ukraine. According to the deal, 50 percent of the still-unnamed new company will belong to BP, and 50 percent will belong to the Russian partners. Alfa Group and Access/Renova control oil majors Tyumen Oil Company and Sidanko. The new company will be the third-largest player in the Russian oil sector, following Yukos and LUKoil. BP will invest $3 billion in cash and $3.75 billion in BP shares in the venture. Alfa Group CEO Mikhail Fridman said the deal would not have been possible without the support of the Russian government. He said the new company will serve as "a locomotive to pull the Russian economy," nns.ru reported. Speaking to reporters during his trip to Paris, President Putin said the deal demonstrates the growing attractiveness of the Russian economy. (RFE/RL 19.ii.03) NATO GETS DIRECT LINE In a sign of strengthening trust between Moscow and the Western alliance, NATO Secretary-General Lord Robertson said in an interview published Tuesday that his office would soon have a direct telephone line to Russia's defense minister. In a lengthy interview with Nezavisimaya Gazeta daily, Robertson said he had a bank of telephone hot lines with all NATO capitals on his desk. "In the coming months another will be added, connecting me directly with Russian Defense Minister Sergei Ivanov," Robertson was quoted as saying. "In this way, we will have the possibility to discuss all questions in confidentiality." (The Moscow Times 19.ii.03) IRAQ ABSOLUTELY, POSITIVELY CANCELS LUKOIL CONTRACT Iraqi Oil Minister Samir Abd al-Aziz al-Najm told reporters in Baghdad on 10 February that LUKoil's contract to develop the West Qurna oil field is terminated with no room for discussion, "Energy Intelligence Briefing" reported the same day. While the minister's comments would appear to remove any ambiguity over the multibillion-dollar contract, LUKoil President Vagit Alekperov claimed on 10 February that the contract is still valid, Interfax reported the same day. Iraq first canceled the contract in December, claiming that LUKoil had failed to fulfill its contractual obligation to develop the field; the oil company cites UN sanctions that prevent it from moving ahead. Iraqi officials have also accused LUKoil of conducting secret negotiations with the Americans about business in post-Saddam Iraq, "Vedomosti" reported on 11 February. Russian-Iraqi oil ties have been equal parts politics and economics of late, and al-Najm's 10 February remarks continued the tradition. "We hope that Russia will use its veto right to prevent military aggression," the minister told reporters. "Russians are our friends, and we know that they always take correct position to avoid military operation against Iraq," "Energy Intelligence Briefing" quoted him as saying. (RFE/RL 18.ii.03) COMMENTATOR DESCRIBES PUTIN'S IRAQ DILEMMA President Vladimir Putin is proceeding cautiously on Iraq because the price of a mistake could be very high, commented TV-Tsentr anchorman Aleksei Pushkov on 15 February. A wrong move threatens to destroy Russia's oil interests in Iraq and could transform the current "cool friendship" with the United States into a "cold peace." Moreover, Moscow runs the risk that Europe, China, and the Islamic world could begin to view Russia as a "vassal of the United States," Pushkov added. Therefore, Putin has chosen the least risky option -- an alliance with "old Europe," represented by France and Germany. Pushkov argued, though, that the chances of avoiding a war in Iraq are slim since the United States has already advanced quite far with its military deployments and preparations. Any peaceful solution would have to look like a victory both for those who oppose war and for the United States, Pushkov added, and this has become virtually impossible. (RFE/RL 18.ii.03) TOTALFINAELF EYES $3 BILLION INVESTMENT IN RUSSIAN OIL Francois Rafin, general director of TotalFinaElf's Russian affiliate, announced on 11 February that the French oil giant is ready to invest $2 billion-$3 billion in the Vankor oil field as soon as it completes a problematic share acquisition, RBK reported the same day. TotalFinaElf purchased a 52 percent stake in Yeniseineft, which holds the license to develop the Vankor field, from the Anglo-Siberian Oil Company in April. A number of minority shareholders, among them oil majors Yukos and Rosneft, have blocked the deal, "Vremya novostei" reported on 13 February. Krasnoyarsk Governor Aleskandr Khloponin has promised TotalFinaElf assistance in the matter, and "Vremya novostei" quoted Khloponin deputy Lev Kuznetsov as assuring the French that "all disputes over the controlling stake in Yeniseineft will be resolved according to law." Rafin told journalists on 11 February that, in the event of a successful resolution, TotalFinaElf is prepared to invest $2.5 billion-$3 billion to develop the field, which holds 125 million tons of oil and 76 billion cubic meters of gas. As proof of TotalFinaElf's commitment to the project, Rafin told "Rossiiskaya gazeta" in a 8 February interview that the company has already placed the funds necessary to develop the Vankor field in escrow for immediate access as soon as the shareholder issue is resolved and the share acquisition goes through. (RFE/RL 18.ii.03) INTERROS PLANS MEDIA CONSOLIDATION Prof-Media General Director Vadim Goryainov announced on 6 February that his media holding will shift its subsidiaries to a single share to raise their aggregate value and pave the way for a public offering, RBK reported on 7 February. Prof-Media is part of Vladimir Potanin's Interros holding. It includes such national newspapers as "Izvestiya," "Komsomolskaya pravda," "Sovetskii sport," and "Express-Gazeta," in addition to several FM radio stations, "The Moscow Times" reported on 7 February. Norwegian media group A-Pressen and Russian oil giant LUKoil also own stakes in some of Prof-Media's newspapers. According to Goryainov, A-Pressen wants a 25 percent-plus-one-share stake in the new holding, while LUKoil is gunning for 10 percent. Goryainov told journalists that a consolidated company would be worth "30 percent more than now, or $260 million," "Vedomosti" reported on 7 February. However, Sistema Mass-Media Director Sergei Klyuchenkov told the newspaper: "It's unclear how they calculated the company's value. The shares don't circulate and there haven't been any deals with them lately." Despite its oligarchic affiliation, Prof-Media claims that it differs markedly from the prominent post-Soviet media empires of now-exiled Vladimir Gusinskii and Boris Berezovskii. "Prof-Media managers claim that they won't take part in agitation for the upcoming parliamentary and presidential elections, considering it economically unwise," "Vremya-MN" wrote on 7 February. (RFE/RL 11.ii.03) C.I.S. PRESIDENTS TRAVEL IN STYLE BEFITTING GERMAN TOURISTS A bus stolen from a German tour group on an excursion to see the Brest Fortress in Belarus was later used in Sochi to escort presidents of the Commonwealth of Independent States (CIS) during the August 2001 CIS summit in Sochi, TVS reported on 7 February. The stolen bus was reportedly sold for $200,000 through a company registered in Voronezh in the name of a retired woman who apparently did not have any idea she was a company owner. The bus was then purchased by railway management in Sochi, a popular resort city in Krasnodar Krai. TVS reported that law enforcement officials estimate there are at least dozens -- if not hundreds -- of stolen buses in Russia. According to the station, the bus was a "deluxe" Man air-conditioned luxury coach, and the CIS presidents were thus spared from the humid August weather during the summit. (RFE/RL 10.ii.03) SERBIA AND MONTENEGRO NOVOSADSKA BANKA AND KONTINENTAL BANKA TO BE PRIVATISED BY END OF 2003 Novosadska Banka and Kontinental Banka will be privatised by the end of the year, said Serbian central bank Governor Mladjan Dinkic. A tender for the sale of Kontinental Banka should be launched in the first half of the year, said Dinkic, adding that Slovenia's Nova Ljubljanska Banka has already expressed interest in acquiring a majority stake in the Serbian bank. Two or three other banks are targeting Novosadska Banka, which is to be put up for sale before autumn. Serbian Minister of Finance and Economy Bozidar Djelic said that Belgrade-based YU Banka will also go private by the end of the year. Novosadska, Kontinental, and YU banks are three of nine commercial banks in which the state acquired stakes after the central bank decided to swap their debts to the Paris Club of state creditors and the London Club of bank lenders into state-held equity. (NewsBase 18.ii.03) UKRAINE F.A.T.F. LIFTS UKRAINE SANCTIONS The Paris-based Financial Action Task Force on Money Laundering (FATF) announced in a 14 February press release on the organization's website (http://www1.oecd.org/fatf/) that it has "decided to withdraw the application of additional countermeasures with respect to Ukraine as a result of the recent enactment by Ukraine of comprehensive anti-money-laundering legislation." Although Ukraine will remain on FATF's "blacklist" of noncooperating countries until it has "effectively implemented" the new legislation, the decision lifts onerous sanctions that could have left Ukraine in a state of financial isolation. FATF imposed the additional sanctions on 20 December. On 6 February, the Ukrainian parliament passed a new law to combat money laundering, "Kommersant" reported on 15 February, and imposed strict criminal penalties for attempting to legalize ill-gotten gains. (RFE/RL 18.ii.03) INFORMATION PROVIDERS NEWSBASE NewsBase is a leading provider of business and economic news and intelligence from Russia, Central Europe and the FSU. Daily bulletins and industry specific weekly reports backed by an archive containing over 10 million words combine to provide a comprehensive service to a global blue chip client base. Contact: Jon Laurijssen T: +44 (0)131 478 8537 F: +44 (0)131 478 7001 E: [email protected] W: www.newsbase.com, www.newsbaseworldmonitoring.com NEW WORLD PUBLISHING New World Publishing is a primary source of business-related information for Central Europe, through its publications the Prague, Budapest and Warsaw Business Journals. Contact: Mark Child T: +420 2 4608 6524 F: +420 2 4608 6501 E: [email protected] W: www.ceebiz.com, www.pbj.cz, www.wbj.pl, www.bbj.hu THE MOSCOW TIMES The Moscow Times offers readers an independent and precise view of the political, economic and business life of Russia. Contact: Andrew Boag T: +7 095 232 3200 F: +7 095 232 1761 E: [email protected] W: www.themoscowtimes.com INTERNET SECURITIES, INC. (IntelliNews articles) Internet Securities, established in 1994, is the pioneering provider of electronically delivered emerging markets business information. Contact: Ludek Macha T: +420 2 2421 9055 F: +420 2 2421 9060 E: [email protected] W: www.securities.com RADIO FREE EUROPE / RADIO LIBERTY Radio Free Europe/Radio Liberty is a private, international communications service to Central, Eastern and Southeastern Europe; the Caucasus; and Central and Southwestern Asia funded by the U.S. Congress through the Broadcasting Board of Governors. Contact: Peter Baumgartner T: +420 (0)2 2112 2039 F: +420 (0)2 2112 2012 E: [email protected] W: www.rferl.org TEMPLETON THORP T +44 (0)20 7520 9380 F +44 (0)20 7504 8180 E [email protected] W www.templetonthorp.com |
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