Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2017
Russian convictions in absentia
A Russian court sentenced Bill Browder and Ivan Cherkasov in absentia over tax-evasion allegations and claimed damage to the Russian federal budget. Browder and supporters have characterized the proceedings as politically motivated.
2013
Closure of Russian fund and investor dispute
The closure of Hermitage's Russia-focused fund led to a dispute between investors and HSBC in connection with HSBC's role as manager and trustee.
2009
Sergei Magnitsky detention and death
Magnitsky was detained on tax-fraud allegations after investigating a scheme that Hermitage said involved the misuse of its corporate documents. He died in prison after approximately eleven months in custody. The circumstances remain politically and legally disputed.
2007
Raids and alleged corporate seizure
Hermitage said that Russian police raids on its offices and associated legal offices enabled the later fraudulent takeover of three companies connected with the firm. The allegations became part of the broader dispute between Hermitage and Russian authorities.