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New British Bribery Act to trigger outflow of investments from Russia

17:53 08/04/2011

Moscow, April 8 – RAPSI. The new Bribery Act is soon expected to come into force in the UK and will significantly deter British companies from cooperating with clouded Russian businesses, Dmitry Dementyev, an expert at the Magisters law firm, told the Russian Legal Information Agency (RAPSI). This will inevitably result in an outflow of investments from Russia.

The Bribery Act was passed in 2010 and is expected to come into force on July 1.

The new law aims to replace an obsolete act dating back to the 19th century.

According to Dementyev, the law will indirectly affect Russia, as no reputable British company will cooperate with clouded Russian businesses. Such cooperation will inevitably lead to preventive actions by the British law enforcement agencies, he said.

Furthermore, if the Serious Fraud Office (SFO) turns against any Russian company, it will be rather simple for the SFO to make it a “scapegoat,” Dementyev stressed.

The lawyer also added that any large Russian business connected with the UK jeopardizes falling within the new law. The outflow of investments from Russia should be seen as an early warning of the country’s inability to meet the global tendencies in the fight against corruption.

Even now, many investors are abandoning their projects, primarily in infrastructure, due to corruption, Dementyev said.

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New British Bribery Act to trigger outflow of investments from Russia

17:53 08/04/2011 The new Bribery Act is soon expected to come into force in the UK and will significantly deter British companies from cooperating with clouded Russian businesses, Dmitry Dementyev, an expert at the Magisters law firm, told the Russian Legal Information Agency (RAPSI). This will inevitably result in an outflow of investments from Russia.
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