The Rise and Fall of Hermitage Fund in Russia

The podcast episode delves into the story of Bill Browder and his investment fund, Hermitage Fund, in Russia. Browder recounts his early success and high profits during the transition period of Russia from communism to capitalism. However, the Asian financial crisis, along with the collapse of the Russian stock market, resulted in a significant loss for Browder's fund. As he attempts to recover the funds, Browder's lawyer, Sergei Magnitsky, uncovers a massive fraud where their companies were stolen, and a fraudulent $230 million tax refund was claimed. Despite reporting the fraud, Magnitsky is arrested, tortured, and ultimately dies in prison. Deeply affected by the tragedy, Browder vows to seek justice for Magnitsky and focuses his efforts on exposing the corruption and human rights abuses in Russia.