Summit Notebook

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Money talks, not image, says Russian investment firm

May 17, 2007

pankko.jpgWhen it comes to business, investors don’t fret much about Russia’s image, which has been damaged by events such as the Yukos affair, Russian investor Teijo Pankko told Reuters journalists in Paris. ”We regret what happened with Yukos. We feel that from a human point of view it is very unfortunate that it happened,” said Pankko, the Chief Financial Officer of Altimo, which is the investment vehicle of Russian billionaire Mikhail Fridman. ”At the same time, being very rational and pragmatic, I think it’s a fact of life. We have to accept that. I don’t think that in the long run that this individual case would have any kind of consequence for any other businesses,” he added. ”You may have a lot of feelings about it and emotions but if you look at the statistics there are so many transactions that have been done increasingly, especially last year… I believe it’s impressive indeed. I think it says quite the opposite,” he said. “Money makes things happen.”

 

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