Hermitage Capital’s investigation into possible corruption at Gazrom, Eural Trans Gas and Rosukrenergo, 2005

Hermitage Capital investigation into corruption in Gazrom, EuralTransGaz and Rosukrenergo, 2005

Hermitage Capital Management told “The Moscow Times” on 16 June 2005 (as recalled here by Radio Free Europe) that Gazprom is losing out on $478 million in annual revenues from the RosUkrEnergo deal and that this money is going to unknown beneficiaries participating in RosUkrEnergo via Raiffeisen Investment.  At that time Hermitage Capital was minory shareholder of Gazprom.

As this Hermitage’s presentation shows, the figure comes from the official accounting of Gazprom itself, comparing what Gazprom could have had earned without giving monopoly of export to Ukraine to Eural Trans Gas and Rosukrenergo.

See also: official owners of RosUkrEnegro from Swiss business registry.

Austrian Parliamentary inquiry into Russian organized crime and Rosukrenegro, open part, sealed part (in German), 2007.

Austrian police’s report on Semyon Mogilevich mentioning his ties to Eural Trans Gas, Rosukrenergo and Dmitry Firtash (in German), 2005.


Rosukrenergo, Firtash, Chernoy, Bawag – parliamentary inquiry in Austria, 2007 (sealed part)


Transcript of the sealed part of the parliamentary inquiry in Austria, from July 4, 2007, dedicated to Russia mafia and money laundering in the country and possible involvement of Austrian financial institutions.

Continuation of the Rosukrenergo, Firtash, Chernoy, Bawag – parliamentary inquiry in Austria, 2007 (open part). German language.

Of interest:

English translation:

Page 56:

Deputy Werner Kogler (Greens): But something different has come. There are the representatives of Raiffeisen Investment together with legal representatives and representatives of the settler there: then, as we all knew later, it is about Firtash and Fursin. For their part, they flew to the US, to Washington, in February and so called reported there. That’s also very strange, as we can imagine here. – Do you have a perception that Raiffeisen Investment AG and the management have decided to fly to the US and report there to representatives of FBI, CIA? What do you know about it ?

Dr. Erich Zwettler: The only perception I have is that the representative of the FBI came to Vienna at some point and said that the whole story was finished because the Raiffeisen board of directors somehow met up with the people of Stuart Levey [US’ first Under Secretary for Terrorism and Financial Intelligence within the United States Department of the Treasury] and there is no more ground to any …

Original transcript:

Seite 56:

Abgeordneter Werner Kogler (Grüne) : Aber gekommen ist etwas anderes. Es sind nämlich die Vertreter von Raiffeisen Investment samt Rechtsvertreter und Vertreter des Treugebers dort : da geht es dann, wie wir später alle gewusst haben, um Firtash und Fursin. Die sind ihrerseits in die USA geflogen, nach Washington, im Februar und haben dort sozusagen berichtet. Das hat sich auch sehr seltsam zugefragen, wie wir uns hier jedoch vorstellen können. – Haben sie dazu eine Wahrnehmung, dass die Raiffeisen Investment AG und das Management sich entschlossen haben, in die USA zu fliegen und dort vor Vertretern FBI, CIA Bericht abzulegen ? Was wissen Sie darüber ?

Mag. Erich Zwettler : Die einzige Wahrnehmung die ich dazu habe ist, dass der Vertreter des FBI in Wien irgendwann einmal gekommen ist und gesagt hat, die ganze Geschichte hat sich erledigt, weil der Vorstand von Raiffeisen sich irgendwie mit den Leuten des Stuart Levey getroffen hat, und es gibt keinen weiteren Grund mehr zu irgendwie…

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Rosukrenergo, Firtash, Chernoy, Bawag – parliamentary inquiry in Austria, 2007 (open part)

Firtash parliamentary hearings in Austria

Сommittee of inquiry concerning  Financial Market Authority, BAWAG, Hypo Alpe-Adria and other financial service providers – incl. Raiffeisenbank work on behalf of Dmitry Firtash and Ivan Fursin.

Raiffeisenbank representatives claimed that they did compliance check with the due dilligence company Kroll which found that Firtash made his carrier not only as Semyon Mogilevich’s man, there were various factors (p. 95):

Deputy Mag. Werner Kogler (Greens): The content of this [Kroll] report what is it? With which main arguments at most also proof these were rather
public concerns about Firtash, possibly Fursin – there I am
not so well informed, but at least Firtash – refuted in the Kroll report?
Dr. Wolfgang Putschek (Raiffeisen): That was not the main argument, there was a series of facts that have just proven the history,shed light on the rise of Mr. Firtash, on how he came to his fortune, how his business has developed as he himself has come into the gas business, where he credibly have acquired the know-how to play a significant role in such a big transaction, and at the end of the report it culminated in a statement that there are no concerns about doing business with him and no connections to the mentioned Mr. Mogilevich.