Prokhorov Firm Says It Didn't Break Zimbabwe Rules
Renaissance Capital, the Mikhail Prokhorov-owned firm at the center of Zimbabwe sanctions-busting allegations, has strongly denied it is in violation of any US law, calling recent statements attributed to Congressman William Pascrell, D-NJ, "erroneous".
Pascrell accused the firm of having financial interests in the Zimbabwean stock exchange, banks, a cellphone company, mining and a private big-game reserve. The US has strict economic and financial sanctions on Zimbabwe, accused of gross human rights violations.
"Contrary to erroneous reports in the press, we have at all times strictly complied with all laws and have no relationship with sanctioned individuals or companies," according to a statement Renaissance provided the Wall Street Journal. Renaissance noted that it takes its responsibilities re: US sanctions "extremely seriously".
The Journal also details the history of Renaissance's investments in Africa...and Prokhorov's history with the company. Neither Prokhorov nor the Nets have issued statements on the controversy.
almost 2 years ago
Net Income
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Thanks NI
for posting – great job!
-Over? Did you say "over"? Nothing is over until we decide it is! Was it over when the Germans bombed Pearl Harbor? Hell no!
Did you read today's news about the former NJ politician...
That is in trouble for child porn? I wish I was kidding.
What else do you all expect them to say?
Let’s see where this goes. If nothing is there, then fine. But if something is there, our potential new team owner is helping to fund the Worlds’ Worst Dictator and his vindictive, corrupt regime (according to Parade Magazine). That absolutely cannot – and should not – be taken lightly.
What else do you expect the NJ congressman to say...
Who has already tried to derail the project twice?
Morph,
I see your passion for the plight of the Zimbabwean people. Human rights issues are a very serious matter; and not to be taken lightly. So I do sympathize with you and I do agree that we can not be associated with anyone or any group that has ties to the world’s number one dictator. We have to also wait for all the facts to come out. Hopefully everything will turn out o.k. and we can start building for what looks to be a great future for not only the Net’s organization and players, but also the fans!
On the other hand
go check the last US Presidents record on human rights. And check how many crazy corrupt brutal regimes have been supported by Corporations or Uncle Sam itslef. IBM was doing some major business with the Nazis…Profits…before…everything
Just sayin...
…lets be real here, most real big firms, corporations, companies, business men and politicians have alot of dirt and some blood on their hands…
Like i say in the earlier post
No matter how you look at it this isn’t going look good. Over the past fews weeks I’ve been seeing more and more articles about Prokhorov’s less the reputable activities. The accusations seem get stronger with each piece. Whether or not it pans out does matter, people will be keeping an eye Proky and his activities. Sooner or later some is going to find something really serious, that can’t be ignored
The NJ politician is the one that looks most biased...
This is not a big deal at all.
You can’t look at this through the eyes of a fan, because to us it’s not a big deal. But the rest of the world that aren’t nets fans it’s a big deal.
MIKE
Mike you should know better than that. I might not agree with Brooklyn move but I’ve been true blue nets fan for over 20 years.
It sounds like Proky has complied...
False accusations are also to be taken very seriously.
R-D, you'd be surprised
at how many really terrible things you think could not be hidden or ignored and which should be a big deal end up staying hidden and ignored and a small deal.
This is a problem of our society…
It is time for NJ Investors
To step up to the plate and make it known to David Stern that there is a future for this team in Newark. Prokorov has no business being allowed into this league. Where do you think these accusations came from – thin air? Highly unlikely. And if this is true what other horrendous business deals is he involved with? It is time for Ratner to be shipped out – and he can take Yormark with him. Prokorov must go – this madness needs to end once and for all.
which NJ investors?
the mythical ones Cory Booker told us about two years ago—before the economic meltdown.
As for where did this come from, who knows? But just about all of it can be found on the RenCap website.
Brooklyn will get it done!
Prokhorov, Nets and Brooklyn = perfect blend!!
by Belarus4life on Apr 12, 2010 6:20 PM EDT up reply actions
nope
a Knicks fan would have known to address a letter to the NBA commissioner, Dear David Stern, not Dear Daniel Stern, as he did when he complained about the Barclays Center naming rights.
I was thinking the same thing. Maybe collaborating with Daniel G. and their legal people. Their side had a story out within hours of the Post story.
However, what I DID learn from that story, is that an attorney for the remaining trespassers is asking for “a good faith advanced payment” besides a date set by the condemnation court.
Here is the quote, under the “The first delay”:
http://atlanticyardsreport.blogspot.com/2010/04/prokhorovs-business-dealings-in-pariah.html
It isn’t mentioned whether the trespassers would be willing to leave upon receipt of the advanced payment. I kind of doubt it, so then why should ESDC pay them ahead of time, without any conditions.
What ESDC should do is on the back of the checks have a condition:
“By cashing this check constitutes agreement to vacate the premises immediately and forfeit any right of appeal.”
Abraham Lincoln was a gracious winner...
In personal fights, or great Civil Wars, he always extended his hand out to the vanquished.
So then Bruce Ratner shouldn't command the rig with the Wrecking Ball or throw the switch if dynamite is being used?
Rather he should shake hands, as Abe Lincoln would do?
(How is that 9 story Condo going to be taken down anyway?)
And like so many great men of change he was silenced by a man man’s bullet; but his message lives on. Also, on a lighter note Lincoln was born in my hometown of Hodgenville, Ky (our only claim to fame.)
Winning is the most important thing.
Revenge leaves a huge stain… Plus someone upstairs is always watching… and keeping his own score.
NBA backs Prokhorov
NBA issues a statement this afternoon saying Pascrell is misinformed…that sanctions only apply to individuals and companies…and Ren Cap does no business witn any of them. Approval proceeds says league.
by Net Income on Apr 12, 2010 8:25 PM EDT via mobile reply actions
That deserves a separate blog with the full quote/reference.
Something to offset the bad news of this game.
I was saying the same thing in my post this afternoon, which came from someone writing at Huffington Post.
If they can prove they weren’t at the February meeting, they should be home free.
BTW, DG is in good spirits now at Huffingtion Post and finds my “Delay, Don’t Develop Brooklyn” very funny.
He just doesn’t like being called a “trespasser” just yet.
http://www.huffingtonpost.com/toby-barlow/the-nbas-dirty-partner_b_533319.html
NBA backs Prokhorov
NBA issues a statement this afternoon saying Pascrell is misinformed…that sanctions only apply to individuals and companies…and Ren Cap does no business witn any of them. Approval proceeds says league.
by Net Income on Apr 12, 2010 8:37 PM EDT via mobile reply actions
Also note of equal significance is a repeat of NBA spokesman Bass' statement that the vote will come "when a firm date is set", not when possession actually takes place.
Apparently some some media source re-interpreted that statement to be approval will be voted on only after the actual vacancy.
Other outlets repeated the incorrect interpretation.
There could be as much as a 1 month difference in those two dates.
It still wouldn’t be clear though if the new coach or Thorn could sign off on a new contract until vacancy occurs, but at least Proky could conduct business in the interim.
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