Household HSBC Watch

I’ll support HSBC on this one. Leading law firms representing HSBC and Hermitage Capital Management have been raided by Russian Interior Ministry officials in an attempt to link senior lawyers with an alleged tax fraud. This problem in Russia smacks of crooked investigators and problems in the Russian system. People are hesitant to report anything if the net result is an attack against those who report. The raids, which took place at four offices in Moscow, including Firestone Duncan, a US firm, appear to have targeted lawyers seeking to recover three investment companies owned by HSBC that were allegedly stolen in a complex web of fraud.