City fund manager goes to US court in fraud case - papers

Hermitage Capital, a London fund manager, has started legal proceedings in the US that will seek to connect Renaissance Group, a leading Moscow investment bank, to alleged fraud and money laundering involving the theft of hundreds of millions of dollars from the Russian Treasury.

The case, launched on Wednesday in the US District Court in New York, asserts that senior officers and former senior officers of Renaissance, including Stephen Jennings, currently chief executive, had "working relationships" with Dmitry Klyuyev, a convicted fraudster and alleged owner of USB, an obscure Russian bank. USB, Hermitage asserts, was instrumental in orchestrating a series of complex frauds, one of which involved the theft of $230 million (£140 million) from the Russian Treasury via companies stolen from Hermitage. Full story...