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24

Russian Fund Under Scrutiny for Loan to Company Linked to Kremlin

By Tony Seruga

President Vladimir Putin of Russia, center, at a plant in Voronezh, Russia, that is part of the Sibur company. At the far right is Kirill N. Shamalov, a large shareholder in Sibur whose family has ties to Mr. Putin. CreditSputnik/Reuters

MOSCOW — When a new government-backed investment fund opened five years ago, Moscow wanted to send a simple message: Russia was ready to take the politics out of business.

Authorities signed up a high-powered board of international advisers to oversee its activities, a group that included American private equityexecutives like David Bonderman of TPG and Stephen A. Schwarzman of the Blackstone Group. In a video on the fund’s site, Mr. Bonderman emphasized that the investments in Russia would be “transparent and make commercial decisions, not political decisions.”…

Russian Fund Under Scrutiny for Loan to Company Linked to Kremlin

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