Publication: Monitor Volume: 1 Issue: 110

The defrauded creditors and investors of 53 Russian commercial institutions held a congress in Moscow and announced a campaign for restoration of depositors’ losses. The chairman of the depositors’ movement, Vyacheslav Makarov, said that in Moscow alone, financial losses from swindles and pyramid schemes have reached six trillion rubles. The leader of the Party of Democratic Freedom, Konstantin Borovoi, told the congress that only eight of the 214 companies who have ceased paying their creditors ever intend to pay them back. Labor Minister Georgii Melikian no doubt disappointed his audience when he told the congress that the state has no obligation to pay deceived investors at all, and that it was up to investors to decide whether or not to risk their money in each particular investment. (8)

Russian Insurance Companies Lose Their Licenses.