Prosecutor won’t probe IPOC

7 Jul 2006

Russia’s General Prosecutor’s Office has revealed that it will not be launching an investigation into the activities of IPOC International Growth Fund. Local newspaper Vedemosti reports that two Russian ministers had requested a probe in response to outside allegations of some wrongdoing, but Deputy General Prosecutor Alexander Zvyagintsev says there are no grounds to begin an investigation of IPOC. IPOC has been embroiled in a legal wrangle over the ownership of a 25.1% stake in Russia’s third largest cellular operator, MegaFon. A Swiss court recently ruled that IPOC had no claim to the stake, which is owned indirectly by the Alfa industrial group.

Russia, MegaFon