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TT Business Intelligence Report Vol. 1, No. 35, 28 November 2002 Business Intelligence, Crime, Corruption and Debt in C&E Europe and the former Soviet Union  UPCOMING CONFERENCES ADAM SMITH INSTITUTE'S "9th INTERNATIONAL CONFERENCE ON THE RUSSIANBANKING SECTOR" To take place on 3-4 December 2002 at the Millennium Copthorne Tara, London. For further information, contact Louise Pasha on tel: +44 (0)207490 3774, or e-mail [email protected], W: www.asi-conferences.com LVA'S "11th INTERNATIONAL TRANSPORT FORUM OF THE C.I.S. AND THE BALTICSTATES" To take place on 11-14 December 2002 at the Grand Marina Hotel,Barcelona, Spain. For further information, tel: +44 (0)20 8795 2970,fax: +44 (0)8795 2977, email: [email protected], W: www.lva.co.uk EUROMONEY'S "CENTRAL & EASTERN EUROPEAN ISSUERS & INVESTORS FORUM" To take place on 14-15 January 2003 at the Hotel Inter-Continental, Vienna, Austria. For further information, tel: +44 (0)20 7779 8968,email: [email protected], W: www.euromoneyconferences.com BELARUS MINSK SLAMS NATO FOR 'IGNOMINIOUS' VISA DENIAL The Czech Republic denied an entry visa to Belarusian President Alyaksandr Lukashenka, thus preventing him from attending the session ofthe Euro-Atlantic Partnership Council (EAPC) at the NATO summit in Prague on 22 November. Belarus, a member of NATO's Partnership for Peaceprogram, was represented at the EAPC session by Belarusian Ambassador to NATO Syarhey Martynau. Martynau read a fiery statement at the session,which was subsequently termed by NATO Secretary-General Lord George Robertson as a "pretty angry message." (RFE/RL 26.xi.02) BULGARIA GOVERNMENT HOPING FOR $200m FROM SALE OF 80% STAKE IN STATE SAVINGS BANK DSK The government is looking for $200 million from the sale of an 80% stake in the state savings bank DSK, a spokeswoman for the economy ministrysaid on Tuesday. The government will open a tender for the stake in the country's second-largest bank by the end of the year with the deadlinefor bids next February. It is expected that a sale would be concluded by March. The government has set a minimum price of $100 million, butexpects to get twice that amount, said the spokeswoman. The Bank Consolidation Company, the government agency in charge of the sale ofstate banks, has appointed JP Morgan Chase & Co as advisors for the sale. DSK ranked second among the country's 28 domestic and sevenforeign banks at the end of June with assets of $828 million, up 25% from a year earlier. Hungary's OTP and Austria's Erste Bank AG haveindicated an interest in bidding for DSK. Completing bank privatisation is part of the centre-right government's reform targets under an IMFagreement. Privatisation revenue is also essential for covering foreign debt payments and steep reform costs. Before the country began itstransition to a market economy in 1989, DSK was the country's only state savings bank. In recent years, it has diversified its services into thelucrative retail market. (NewsBase 27.xi.02) CROATIA CROATIA BANK TO MERGE WITH CROATIAN POSTAL BANK HPB As all attempts to privatise Croatia Bank have failed, the decision has been taken to merge the bank with the Croatian Postal Bank HPB,according to Marinko Filipovic, director of the State Agency for Securing Deposits and Banks. By the end of June 2003, 25% of HPB will beprivatised through re-capitalisation with the World Bank's International Finance Corporation IFC becoming a shareholder. The European Bank forReconstruction and Development may also become involved in the privatisation, according to Filipovic. In further moves that will reducethe number of banks, the mergers of Rijecka and Erste Steiermarkishce Banks and Splitska and HVB Croatia Banks have already been announced,while Nova Bank intends to take Dubrovacka Bank under its wing. (NewsBase 21.xi.02) CZECH REPUBLIC GOVERNMENT SACKS KLIMA AT CESKY TELECOM The government has instigated the dismissal of Premysl Klima as CEO of Cesky Telecom and named Ondrej Felix as temporary head. IT MinisterVladimir Mlynar (US-DEU) said the dismissal was linked to the unsuccessful privatization of Telecom and the necessity to perform arestructuring of the company in order to obtain the best price in a future sale. (PBJ 28.xi.02) KOMERCNI BANKA SELLS BAD DEBTS PACKAGE TO GE CAPITAL CORPORATION Komercni banka has sold a package of bad debts worth a nominal 20 billion crowns to the GE Capital Corporation for over four billioncrowns, according to Komercni spokeswoman Marie Ruzickova. "Komercni decided to turn down less advantageous bids placed by Deutsche Bank andSalomon Brothers Holding Company," said Ruzickova, adding that in some cases, the purchase price will reach the value of the entire debt. Theportfolio is partly covered by a guarantee granted by state-owned agency Ceska konsolidacni agentura CKA, with which the bank will now holdtalks. (NewsBase 21.xi.02) HUNGARY KIRCHEIM UPS PRODUCTION IN HUNGARY German-based Kircheim Group has relocated some of its production to a plant owned by their Hungarian coil manufacturing subsidiary PrecisionControls Bt (PreCon) in Veszprém, northwestern Hungary. The move was prompted by the increasingly high cost of production in Western Europe,CFO Gábor Szűcs explained. PreCon, which expects net revenue of Ft 1.7 billion this year, has received machinery worth Ft 1 billion from itsparent company and has hired 60 redundant workers from a Videoton electronics parts factory in order to be handle increased production,Szűcs added. (BBJ 28.xi.02) KAZAKHSTAN OPPOSITION JOURNALIST RUN DOWN AND KILLED Nuri Muftakh, a prominent journalist who worked with several independent newspapers in Kazakhstan, was hit by a car on 17 November and died fromhis injuries, RFE/RL's Kazakh Service reported. Muftakh was traveling from the southern city of Shymkent to Almaty by bus. When the bus made aroutine stop in the city of Taraz, Muftakh got off and was struck by a car. It was unclear if the driver of the car was apprehended or takeninto custody. Muftakh had written many articles about the Kazakh government and alleged corruption. Most recently he was editor in chiefof the independent newspaper "Altyn ghasyr" (Golden Century). Muftakh was also the co-founder of the independent newspaper "Respublika 2000,"which was closed down by Kazakh officials last year. The daughter of Lira Baysetova, another co-founder of "Respublika 2000," was found deadunder mysterious circumstances earlier this year. (RFE/RL 26.xi.02) LATVIA LEADERS OF LATVIA, LITHUANIA & ESTONIA EXPRESS SATISFACTION AT OFFICIAL INVITATION TO NATO Leaders of all three Baltic states expressed satisfaction at moving closer to their major foreign-policy goal of NATO membership when anofficial invitation was extended at the alliance's Prague summit on Thursday. Latvian President Vaira Vike-Freiberga said in a Latviantelevision interview from Prague that she had tears of joy in her eyes when Latvia was named among the seven candidates invited to join. "Thisis a great day for Latvia," said Vike-Freiberga. "For us, it means the righting of the injustices of history...[and] rejoining the family offree, democratic, and independent nations." Estonian Ambassador to NATO Sulev Kannike said: "Estonia's security has never been more protectedthan after receiving the invitation." Lithuanian President Valdas Adamkus said he is happy his campaign pledge to gain NATO membership isalready partially fulfilled before the end of his current term. US President George W Bush will fly to Vilnius on Friday and meet with theBaltic presidents on Saturday. (NewsBase 22.xi.02) POLAND EU CANDIDATES ACCUSED OF INGRATITUDE OVER ACCESSION OFFER The present EU president Denmark warned Poland and other candidates yesterday not to push unrealistic demands in the endgame of accessiontalks, but the applicants cautiously welcomed the Danes’ improved offer. Denmark’s new package, presented to the ten leading candidates onTuesday, includes €1.3 billion of new cash, additional money for farmers, higher agricultural production quotas and more funds fornuclear safety and border controls. Stung by demands from some candidates for still more money, a senior Danish presidency source notedthat barely two weeks remain before a summit in Copenhagen where the EU hopes to conclude the long and complex negotiations. “Some countrieshave shown little understanding of where we stand in the negotiating process,” the source said. A second Danish diplomat said Poland, by farthe biggest candidate country, had shown particular ingratitude. “If the Poles maintain this negotiating attitude, they will not be able toconclude under the Danish presidency,” he said. (WBJ 28.xi.02) ROMANIA LUKOIL PLANS TO DOUBLE GAS STATIONS OWNED, AND TO INVEST $60m IN ITSPETROTEL REFINERY Russia's Lukoil plans to double the number of gas stations owned in Romania and to invest $60 million in modernising its refinery in RomaniaPetrotel, according to Lukoil President Vagit Alekperov. The development of the distribution sector will help Petrotel Refinery, which will haveto produce high quality fuels. Lukoil currently owns 100 gas stations in Romania. At the beginning of the current year, the company voicedintentions to invest $30m in extending the distribution network, with the number of gas stations reaching 150, in a first stage. LukoilRomania started activity in Romania in 1998 when purchased the majority stake in Ploiesti-based Petrotel Refinery and has later developed theservices sector, including sale of oil products via Lukoil Downstream, the warehouses and gas stations network via Lukoil Asito, as well assecurity and protection services via Lukoil As. Lukoil Romania imports crude oil and other raw materials for processing as and marketspetroleum petrochemical products on the domestic market and abroad. (NewsBase 27.xi.02) RUSSIA RUSSIA TOO BIG FOR EUROPEAN UNION Former Soviet republics such as Ukraine have no place in an enlarged European Union, and Russia is just too big to join, European CommissionPresident Romano Prodi said in an interview published Wednesday. Ten mostly former communist countries are due to wrap up accession talkswith the EU next month and to join in May 2004. "It is important that we now ask ourselves what will happen after this big expansion. Where doesEurope end? The Balkan countries will join, they belong. Turkey is officially a candidate, that is clear. But Morocco or Ukraine orMoldova? I see no reason for that," Prodi told the Dutch daily De Volkskrant. "We need to talk about our criteria. The fact Ukrainians orArmenians feel European means nothing to me, because New Zealanders feel European too," he said. Prodi said President Vladimir Putin had askedhim about potential Russian membership of the union. "I told him straight away clearly: 'No, you are too big,'" Prodi said. (The MoscowTimes 28.xi.02) OLIGARCH TIED TO SPANISH OIL DISASTER Ownership of the 77,000 tons (20.6 million gallons) of fuel oil aboard the "Prestige," which sank off the coast of Spain on 19 November and nowthreatens the coast with a major ecological disaster, can be traced back to Russia's Alfa Group, which is controlled by oligarch Mikhail Fridman,"The Times" of London reported on 21 November. The daily reported that the "Prestige" was chartered by an oil-trading company called CrownResources AG, which is owned by commodities trader Alfa-Eco. Reuters reported on 22 November that oil traders such as Crown typically insuresuch shipments for 110 percent of their value, meaning that the accident could result in a $1 million profit for Fridman's company. The newsagency also cited Joe Nichols, deputy director of the International Oil Pollution Compensation Funds, as saying the Switzerland-based CrownResources AG will not be liable for any of the damage caused by the accident unless evidence emerges that the company was negligent. Spanishofficials have estimated that the spill has caused $42 million in damages already, CNN reported on 22 November, and most of the oilremains within the tanks of sunken vessel. By comparison, the "Exxon Valdez" spilled 11 million gallons in Alaska's Prince William Sound in1989. (RFE/RL 27.xi.02) DELTA SEES END OF 'FOREIGN INVESTORS' Delta Fund, a multimillion-dollar private equity fund set up by the U.S. government to promote investment in Russia, said Tuesday that Russianindustrial groups are at long last moving into direct investment and predicted there would be no such thing as a "foreign investor" in acouple of years. "In the past, private equity has been seen as a foreigners' game and foreigners' territory, but very quietly Russianinvestors have entered this market," Delta Fund president David Jones said. "I predict that in two or three years, the expression 'foreigninvestor' will disappear and we will all become just 'investors,' which is good for all of us in the end," Jones said. Delta Fund was launchedas the U.S.-Russia Investment Fund in 1995 with a $440 million grant from the U.S. Congress. Since then, some $200 million has been investedinto more than 30 companies. The fund is managed by Delta Capital , which was set up in 1999. Delta Fund -- which controls DeltaCredit,Delta Leasing and DeltaBank -- focuses on financial services. It also has invested in media, including CTC and TV3 television and StoryFirstCommunications; consumer goods and retail companies, including beer major Sun Interbrew and supermarket chain SPAR Moscow; andhigh-technology. (The Moscow Times 27.xi.02) REPORT: OLIGARCHS ARE BLOCKING ECONOMIC DEVELOPMENT Russia's major financial and oligarchic structures are blocking the development of small and medium-sized business, KM-News reported on 27November, citing a study by the European Bank for Reconstruction and Development (EBRD). According to the EBRD's annual country report, thecountry's largest concerns are actively blocking the shift of resources away from the natural-resources sector toward the development of hightechnology. They also systematically destroy entrepreneurial initiative. The report singled out the leading oil and metals companies as wieldingenormous political and economic power at all levels of the state. The report urged the government to curtail the influence of the oligarchs inorder to facilitate balanced economic development. (RFE/RL 27.xi.02) CITIBANK OPENS DOORS TO RETAIL CLIENTS IN MOSCOW U.S. banking behemoth Citibank opened its doors to individual Russian clients on 20 November with a retail outlet in Moscow, "The MoscowTimes" reported on 21 November. Citibank is already the largest foreign bank in Russia, with $1.7 billion in local assets, but had held off onthe move from corporate to retail services until now. The bank is betting on name-brand recognition and a range of Internet- andphone-based services to lure clients. Deposits above $3,000 initially will earn 1-1.23 percent annually in dollars, 2.68 percent in euros, and12.02-12.04 percent in rubles. While Citibank will not set a minimum-deposit amount, it will require clients to prove that theirfunds were legally acquired, leading gazeta.ru to remark on 21 November that Citibank's transparency standards could scare off members of the"progressive middle class," whose earnings are often documented with more creativity than accuracy. Foreign banks are currently bit playerson the Russian retail-deposit market. According to "The Moscow Times," the eight leading foreign banks can claim $547 million in deposits, withAustria's Raiffeisenbank leading the pack with $228 million. By comparison, state-controlled Sberbank holds $20 billion in deposits.Still, the financial turmoil of the 1990s sapped Russian confidence in banks, and by some estimates the mattresses and floorboards are the realleaders with up to $40 billion in snugly rolled deposits. (RFE/RL 26.xi.02) PUTIN VETOES MEDIA-LAW AMENDMENTS President Vladimir Putin on 25 November invited the heads of Russia's leading media corporations who had earlier appealed to him to vetoproposed amendments to the law on the mass media that would have regulated coverage of antiterrorism operations and informed them that hehad granted their request, Russian news agencies reported. Putin said he had sent a letter to State Duma Speaker Gennadii Seleznev and FederationCouncil Chairman Sergei Mironov explaining that the proposed amendments would not help the state combat terrorism but would instead introducecensorship. He asked the legislators to create a conciliation commission and, together with representatives of journalists, to work out newamendments. ORT General Director Konstantin Ernst, speaking on behalf of the journalists present, told Putin that some "unwitting mistakes" weremade during coverage of the 23-26 October hostage drama in Moscow, but that "they were not conscious actions, but rather misunderstandingsabout how to behave in such situations." (RFE/RL 26.xi.02) CONTROVERSY OVER NUMBER OF HOSTAGE-CRISIS VICTIMS CONTINUES One more former hostage from the 23-26 October hostage crisis in Moscow died on 24 November, bringing the official death toll to 129, Russiannews agencies reported. Almost all of the victims died from the effects of the sleeping gas used by special-forces units during the storming ofthe theater where more than 700 people were being held hostage by Chechen fighters. Gennadii Raikov, head of the People's Deputy factionin the Duma, said on ORT that the actual number of victims is 190. However, ORT host Nikolai Svanidze commented that it remains unclearwhether Raikov has additional information or whether the remark was just a slip of the tongue. Law enforcement agencies on 24 November releasedthe names of three people who have been arrested as "accomplices" of the hostage takers. They were identified as Khampash Sobraliev of Chechnya,Arman Menkeev of Kazakhstan, and Yurii Yankovskii of Moscow Oblast. (RFE/RL 25.xi.02) OFFICIAL: AMNESTY WON'T BRING CAPITAL BACK Maksim Kulikov, a senior Finance Ministry official, has said most Russian experts doubt that a tax amnesty for capital illegallytransferred out of Russia will significantly increase repatriation, RosBalt reported on 22 November. Participating in a roundtablediscussion of the issue, Kulikov noted that about half of all capital leaving the country was acquired illegally in the first place and thatno one is going to attempt to return it to Russia after it has already been invested in real estate and businesses in the West. He cited theexample of Kazakhstan, which declared an amnesty in 2001 and managed to return only 8 percent of the capital that had been taken out of thatcountry. Deputy Duma Speaker Georgii Boos (Fatherland-All Russia) told the panel that an estimated $200 billion-$300 billion has beentransferred out of Russia over the last decade. (RFE/RL 23.xi.02) KREMLIN CHANGES TONE ON NATO EXPANSION Defense Minister Sergei Ivanov told journalists in Moscow on 21 November that Russia is "absolutely calm" about NATO's membership invitation toseven former Soviet-bloc countries earlier that day, ORT reported. "We are not a member of NATO or a candidate for membership, and so this isnone of our business," Ivanov said. He repeated, however, that the Kremlin hopes the Baltic states will sign the Treaty on ConventionalArmed Forces in Europe (CFE) before they join the alliance. In Prague, Foreign Minister Igor Ivanov told reporters following a meeting withCzech Foreign Minister Cyril Svoboda that Russia will intensify its cooperation with a reformed NATO, strana.ru reported on 21 November. "Wehave noted the statements by the U.S. president and other NATO-member leaders that the alliance should be transformed to face new realitiesand challenges," Ivanov said. He also mentioned the CFE treaty, ITAR-TASS reported. He said that if the alliance's transformationimproves security globally and in the Euro-Atlantic region, Russia will intensify its partnership with NATO. On 22 November, Ivanov participatedin a session of the Russia-NATO Council that discussed a cooperation plan for 2003. Afterward, he joined U.S. President Bush on Air Force Onefor the flight to St. Petersburg, where Bush was to meet with President Putin. (RFE/RL 21.xi.02) EIGHT YEARS ON, DUMA PASSES ANTICORRUPTION BILL The State Duma on 20 November passed in its first reading a draft law on combating corruption, Russian news agencies reported. The legislationwas submitted by members of the Duma Security Committee, including former security-service director Nikolai Kovalev (Fatherland-AllRussia), former Interior Minister Anatolii Kulikov (Fatherland-All Russia), and Interior Ministry Colonel General Arkadii Baskaev (People'sDeputy). For the first time in post-Soviet Russia, the new law provides definitions of terms such as "corrupt act," "corrupt relations," and"bribery" and extends criminal liability beyond civil servants to leaders of political parties and public organizations, financialexecutives, and candidates for executive-branch and legislative offices. Baskaev told journalists that versions of the bill have been stuck inthe Duma since 1994 because of the strong resistance of corrupt bureaucrats. He said one of the bill's merits is that it imposes strictconstraints on candidates for public office, particularly on those coming from the business sector. Baskaev said the bill includes thecreation of a national anticorruption council under the president that will comprise representatives of all branches of government and lawenforcement agencies. (RFE/RL 21.xi.02) INTERIOR MINISTRY CREATES ANTI-MONEY-LAUNDERING UNIT The Interior Ministry's economic-crimes department has created a special operative unit to combat money laundering, polit.ru reported on 19November. The new unit will be subordinated to the Financial Monitoring Committee, which was created last year. It will focus on the mostcriminalized sectors of the economy, including the sale of alcohol and tobacco, the fuel and energy infrastructure, and the distribution ofconsumer goods. The creation of this unit was one of the conditions for removing Russia from the blacklist of the Financial Action Task Force inOctober. (RFE/RL 19.xi.02) SERBIA EU TO SET ASIDE E450m TO HELP SE EUROPEAN COUNTRIES FIGHT ORGANISED CRIME The European Union will set aside E450m over the next two years to help SEE countries fight organised crime, said Serbian Minister of JusticeVladan Batic, who is attending a one-day international conference in London aimed at combating organised crime in South Eastern Europe.According to him, the conference focused on the fight against illegal trade in people, drugs and arms. EU officials warned that organisedcrime poses a threat to the political and economic stability of the Balkans. "The Balkans have become the gateway to Europe for organisedcriminals," British Home Secretary David Blunkett told the conference, adding that effective co-operation is the only key to fightinginternational crime. EU Commissioner for External Relations Chris Patten said that it was important not only to clamp down on organised crime,but also to lure foreign investment into the region. (NewsBase 26.xi.02) UKRAINE NATO GOES FRENCH TO KEEP KUCHMA AT BAY But when Ukrainian President Leonid Kuchma walked into the NATO summit Friday, organizers changed the seating order so U.S. President George W.Bush wouldn't have to sit next to the man he accuses of having sold a radar system to Iraq. Cold-shouldered and isolated, Kuchma left it tohis foreign minister to denounce charges he sold radar systems to Iraq in defiance of UN resolutions and discuss with his 19 NATO counterpartsUkraine's relations with the alliance Friday. Foreign Minister Anatoly Zlenko told reporters that Ukraine will continue to pursue NATOmembership -- a dim prospect given the controversy over the sale of the Kolchuha radar system two years ago. "Our partnership, despite all theproblems, has good prospects," Zlenko said. To spare Bush and British Prime Minister Tony Blair having to appear next to Kuchma, NATO changedthe summit seating order. Nations normally sit in alphabetical order in English, which puts Ukraine right next to the United Kingdom and theUnited States. By turning to its second official language, French, NATO put Ukraine last in the list of 46 nations attending the Euro-AtlanticPartnership Council, which brings NATO together with other European and Central Asian nations. Kuchma ended up with Turkish President AhmedNecdet Sezer on one side and a gap on the other side between him and NATO Secretary-General George Robertson. He was seven seats away fromBlair of "Royaume-Uni" and more than 30 away from Bush of "Etats-Unis." "This is the first time I've seen a meeting like this arrangedalphabetically in French," a NATO official said. "It's a very neat trick: the point is that he's not sitting next to the United Kingdom andthe United States," said another. (The Moscow Times 25.xi.02) CHIEF OF STAFF TELLS PACE 'NO CENSORSHIP' IN UKRAINE; PACE BEGS TO DIFFER Viktor Medvedchuk, head of the presidential administration, told PACE rapporteurs Renata Wolvend and Hanne Severinsen that there is nopolitical censorship in Ukraine, reported the "Ukrainian Media Bulletin" published by the European Institute for the Media. "The authorities areopen today for a dialogue with media," Medvedchuk said, adding that the government would punish those guilty of political censorship of themedia. Meanwhile, at a news conference on 16 October, Severinsen said she was concerned about freedom of speech in Ukraine, and noted thatjournalists had told her of the existence of "media agenda bulletins" allegedly sent out by the presidential administration to provideguidelines to journalists on which news stories to cover and how to present them. Severinsen also remarked that no progress had been made inthe investigation of the murder of journalist Heorhiy Gongadze. (RFE/RL 22.xi.02) 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 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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