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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.

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