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Oligarchs as Nation's Saviors? Berezovsky Justifies Himself

Published: October 20, 2000 (Issue # 613)


A GROUP of House Republicans in the United States has assailed the Clinton administration for supporting Russia's former president, Boris Yeltsin, whom they accuse of fostering corruption and allowing undue influence to big business during his time in office. Similar views are expressed by some reviewers of Yeltsin's memoirs, just published.

Unfortunately, these people neglect the context of Russian history. As a participant in a major business privatization deal of that period - for which I have been labeled an "oligarch" - I would like to put what happened in Russia in historical perspective.

When the Bolsheviks abolished private property in 1917, they put all expropriated wealth under the management of two organizations that were to become pillars of Soviet totalitarianism: the Communist Party and the secret police (eventually known as the KGB). To accomplish this end, the new managers physically eliminated the previous owners - tens of millions of them.

Three-quarters of a century later, in just a few years, Yeltsin carried out the reverse of the Bolshevik Revolution - and he did so bloodlessly and efficiently. By 1998, 75 percent of the property had been transferred to private hands.

Critics say that privatization was unfair - that the "oligarchs" got major assets for a fraction of their real value. To put this claim in context, I recall the events of the pivotal year 1996, which began with Communists having a majority in the State Duma and Yeltsin's popularity slipping below 3 percent while that of his Communist rival, Gennady Zyuganov, rose to nearly 30 percent.

It was at that time that Yeltsin and Anatoly Chubais decided to sell off a great many state assets quickly so that it would be difficult for the Communists to renationalize private property after Zyuganov's expected victory in the race for president. This was the background for my decision to bid for the oil company Sibneft.

For the auction, my partners and I needed at least $100 million but had only $60 million on hand. So we invited foreign investors - in the United States, Western Europe and Japan - to participate in our bid. No one gave us a penny, and George Soros, who always understood Russia better than others, told me: "The risk is too high. The Communists will take everything back. Russia is slipping into a black hole, Boris. Don't be a fool, take your family and get out, before it's too late."

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ALL ABOUT TOWN

Sunday, Dec. 21


The Zenit St. Petersburg basketball team returns to the northern capital this evening for a matchup with Krasny Oktyabr, a Volgograd-based basketball club. Tickets for the game, which tips off at 6 p.m. this evening, can be purchased on the club’s website or at their arena, Sibur Arena, on Krestovsky island.


Satisfy your sugar cravings during Sweet New Year, an ongoing seasonal festival at the Raduga shopping center. Each weekend of December will welcome hungry visitors to taste hundreds of different kinds of desserts. Workshops are open to visitors and seasonal gifts can also be purchased for those rushing to finish their New Year shopping.



Monday, Dec. 22


Pick out the latest fashions as holiday gifts for loved ones or as early presents for yourself during the Christmas Design Sale at Kraft on Obvodny Kanal, starting on Dec. 20 and continuing through Dec. 27. Designer clothes will be on sale every day of the week or you can buy something more festive to decorate the home while sipping on hot coffee and perusing the various master classes.



Tuesday, Dec. 23


Meet Arctic explorers Fedor Konukhov and Viktor Simonov during SPIBA’s and Capital Legal Service’s event “Arctic Expedition” this morning in the Mertens House business center at 21 Nevsky Prospekt. The meeting will discuss the explorers’ ongoing eco-social project and how companies can use the project as a unique marketing opportunity. Email office@spiba.ru by Dec. 22 if you wish to attend.



Wednesday, Dec. 24


The Anglican Church of St. Petersburg we will be holding a Christmas Eve service at 7 p.m. led by Rev Wm. Shepley Curtis of the Episcopal Church. The service will be held at the Swedish Church at 1/3 Malaya Konyushennaya Ulitsa.



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