Garegin Tosunyan, president of Russian Banks Association
Photo: Kirill Tulin
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Deposit Hunters
The program for improving financial competence of the population that the RF Finance Ministry and the World Bank are willing to launch in 2008 is apparently well-timed. A firm has emerged in St. Petersburg that urges the nation to invest on the real estate and stock markets and guarantees the yield of abnormal extent. It looks like financial pyramids are reappearing in Russia in the environment of debt crisis.
Kommersant heard about certain SAN Ltd. in a few capital companies. A representative of one of them said he had been proposed to join the investment project, Business-Club RuBin, with the guaranteed annual yield of at least 25 percent.
The official web of Business-Club RuBin (SAN offers services exactly under this brand) says the company has been operating on the market for 12 years and its core business is “investments and deposits.” The individuals are offered to invest at the yield of starting from 25 percent (the minimal amount is 3,000 rubles) and up to 50 percent (30,000 rubles).
The money “is invested in construction complex of St. Petersburg under the contracts with construction companies, or transferred under management of experienced brokers guaranteeing high yield on financial market and on market of securities. Some 65 percent of the amount is invested in land, 20 percent – in real estate, 10 percent – on the stock exchange and 5 percent – in business projects,” the web specifies.
SAN Ltd. intends to reorganize into an open joint stock company with the capital of at least 100,000 conventional units and participants of the partners program are promised common and preferred stocks free of charge but depending on their activity in the company’s development.
SAN has a Moscow office in addition to St. Petersburg headquarters. Overall, it is said to be represented in 170 cities of Russia, Kazakhstan, Ukraine and other countries of CIS.
But Russia’s Federal Financial Market Service has no information about SAN in its database. And the yield that the company promises to potential investors is evidently too high to be trusted.
www.kommersant.com
All the Article in Russian as of Dec. 19, 2007
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