Russian connections of JPMorgan under scrutiny

0

Russian connections of JP Morgan under scrutiny as it faces calls to shut down one of its key funds

<!–

<!–

<!– <!–

<!–

<!–

<!–

The Russian connections of JP Morgan are under scrutiny as it faces calls to shut down one of its key funds. 

The JP Morgan Russian Securities investment trust still has assets in some of the largest Kremlin-backed firms including Gazprom, Sberbank and Rosneft. 

Its links with Russia have already led to the departure of Ukrainian director Tamara Sakovska, who resigned shortly after Putin’s war against Ukraine began. 

Scrutiny: The JP Morgan Russian Securities investment trust still has assets in some of the largest Kremlin-backed firms including Gazprom, Sberbank and Rosneft

Two months ago the fund’s shareholders risked criticism by voting for the trust to continue operating for another five years. 

Tory MP Kevin Hollinrake, chairman of the All Party Parliamentary Group on Fair Business Banking, said: ‘It sends a bad message. 

‘The fact you’ve got anything with the word Russia on it implies investment in Russia and is giving Putin some credibility that we can ill afford. 

‘They should absolutely close the fund. They shouldn’t have any Russian assets in it.’ 

The board, headed by lead manager Oleg Biryulyov, has since shifted its main holdings away from state-owned Russian firms to companies in Kazakhstan.

The fund’s five largest investments – in Gazprom, Sberbank, Lukoil, Norilsk Nickel and Rosneft – have now been cut to no more than 1.1 per cent each. 

JPMorgan Asset Management declined to comment. 

FOLLOW US ON GOOGLE NEWS

 

Read original article here

Denial of responsibility! Vigour Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment
Enable Notifications    OK No thanks