FX.co ★ Free pardon for condemned businessmen

Chief Executive Officer and Chairman of the VTB Management Board Andrei Kostin has criticized the idea of large-scale amnesty for economic wrongdoings the other day. According to the CEO, the economic crime rate in Russia is extremely high, so it is necessary to bring the violators to book. Moreover, such a measure will not help to attract the investors. Furthermore, the Russian business circles are noted for abuse of power. As an example, Mr Kostin cited the case of Andrei Borodin, ex President of Bank of Moscow, who misappropriated $5 billion. The former banker took advantage of the gaps in Russia' s legislation to leave the country and move to London.
Andrei Kostin also added that the punishment for such kind of criminal offenses in Russia is not severe enough. He exemplified his point with the penalties imposed by the U.S. jurisprudence. The Americans convicted of economic crimes may be sentenced to 400 years in bulk. Besides, tax evasion is considered as one of the most terrible law violations. The Russian Federation's president empowered the State Duma Deputies to pass the law on jailed entrepreneurs until the summer holidays. The document will free about 13,000 businessmen, who paid their damages. In the opinion of VTB's CEO, this measure may be efficient only if the perpetrators redress. “The entrepreneurial community has been asking Mr Putin for this step for a long time, and the president finally approved it,” Mr Kostin noted.