Andrey Malgin: “How to steal a billion”

“The documents that came to me shed light on the scale of abuses that allow a narrow circle of people, with the support of leading international law firms, to earn fabulous money at the expense of Norilsk Nickel shareholders. Contrary to the interests of minority shareholders and secretly from government authorities, these people withdraw assets to accounts in foreign banks, hiding their schemes behind a web of offshore companies registered with nominees. The latest corporate history of Norilsk Nickel demonstrates the suspicious commitment of its management to “buy back shares” from shareholders (what is called buy-back in foreign corporate practice). Such manipulations are explained by a seemingly noble goal - “to return capital to shareholders.” The only question is, to all shareholders and to an equal extent?