Laying down the law in Russia

The government has changed, but the story remains the same: unscrupulous Russian managers ride roughshod over the rights of pioneering foreign investors. But the wild frontier of capitalism is not as wild as it used to be. Some recent disputes about corporate governance are far from clear-cut. And behind the scenes, the rule of law is being strengthened. Charles Piggott reports

A SUPPLEMENT TO EUROMONEY/APRIL 1998: EASTERN EUROPE

Dmitry Vasiliev, chairman of Russia’s Federal Securities Commission (FSC), smiles as he leans back and says, wryly: “There is a new principle in Russia. The shareholder is always right.”

That implies foreign trust in the Russian legal system and a key task facing the government will be to bolster investor confidence. Following president Boris Yeltsin’s dismissal of the entire cabinet on March 23 a new administration will take on the task.

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Laying down the law in Russia

A SUPPLEMENT TO EUROMONEY/APRIL 1998: EASTERN EUROPE

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