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Politics : President Barack Obama
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From: tejek9/19/2014 3:05:08 PM
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Russian CEOs Rally Behind Tycoon Amid Confusion on Arrest

Russia's top executives offered support for Vladimir Evtushenkov, the billionaire businessman placed under house arrest this week, as reports of his release were met with denials from law enforcement.

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Stocks Gyrate Russian stocks extended the biggest weekly drop this month as the reports failed to quell concern that the investigation into alleged money laundering was over. The Micex Index closed down 1.2 percent to 1,431.58 in Moscow, taking this week’s loss to 1.9 percent. Sistema rallied as much as 20 percent before paring gains to 5 percent after Markin’s comments. Thirty-one of the Micex’s 50 members fell today.

Members of the country’s political and business elite, gathered today for an investment forum in Sochi, the site of the 2014 Winter Olympics, said Evtushenkov’s arrest will negatively impact Russia’s investment climate. Russia is already facing sanctions from the U.S. and the European Union that have stoked capital flight and crippled the ability of many of its largest companies to raise funds.

Andrey Kostin, CEO of VTB Group, Russia’s second-biggest bank, said in Sochi that he was hopeful the arrest was just a misunderstanding and praised Evtushenkov’s management skills. In an interview today on Rossiya 24, United Co. Rusal’s billionaire CEO Oleg Deripaska said investors should buy Sistema shares and wait for a happy ending. OAO Sberbank’s chief Herman Gref called the arrest a tragedy, according to RIA Novosti.
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