Economist settles with Gunvor and Mr Timtchenko
31 July 2009
Gunvor, Guennadi Timtchenko and the Economist are pleased to announce that they have settled the libel litigation brought by Gunvor and Mr Timtchenko over an article published in last November's Economist. An agreed text will be published in the next issue of the Economist.
The agreed text as published today is:
'Gennady Timtchenko and Gunvor International BV
In a section of our special report on Russia (29 November 2008) entitled "Grease my palm" we referred to Gunvor and its co-founder, Gennady Timtchenko. We are happy to make it clear that when we referred to the "new corruption" in today's Russia, we did not intend to suggest that either Gunvor or Mr Timtchenko obtained their Russian oil business as a result of payment by them of bribes or like corrupt inducements. Rosneft sells only 30-40% of its oil through Gunvor rather than the "bulk" of Rosneft's oil (as we described it). We accept Gunvor’s assurances that neither Vladimir Putin nor other senior Russian political figures have any ownership interest in Gunvor. We regret if any contrary impression was given.'
For further enquires please contact:
Schillings
+44 (0)20 7034 9000
legal@schillings.co.uk