May 25th, 2011

Khodorkovsky Discount Drives Out Investors as Russian Stocks Fall

Russsia’s stock market is falling the most in the world and investors are fleeing the country’s equity funds just as a Moscow appeals court upheld a guilty verdict for former Yukos CEO Mikhail Khodorkovsky on a second round of politically motivated charges brought by the Putin government. Investors withdrew more than $420 million from May 4 through May 18 as stocks surrendered gains amid falling oil prices, slumping economic growth and mounting concern over the increased odds of a renewed Putin presidency.

Unlike the Russian courts, the markets don’t lie,” said Pavel Ivlev, founder and chairman of the Committee for Russian Economic Freedom. “Khodorkovsky’s continued conspired imprisonment is costing investors billions of dollars.”

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