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April 12, 2010
N.J. lawmaker seeks investigation into Mikhail Prokhorov's business ties, Nets ownership deal could be threatened
The Star-Ledger
by Dave D'Alessandro
Congressman Bill Pascrell Jr. (D-Passaic) has fired the first political torpedo aimed at Mikhail’s Prokhorov’s purchase of the Nets, and it is directed at the Russian’s business relationship with the corrupt and repressive government of Zimbabwe.
Pascrell, admittedly opposed to the Nets’ move to Brooklyn in two years, has asked the Treasury Department to investigate the ties between Prokhorov’s corporation, Onexim, with the African nation, which has been under U.S. sanctions for seven years for human-rights violations.
It is a violation of federal law for American citizens and companies or their subsidiaries to do business with Zimbabwean dictator Robert Mugabe.
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Treasury Secretary Timothy Geithner should investigate Mikhail Prokhorov's association with Zimbabwe's oppressive regime before the Russian billionaire is allowed to purchase the Nets and move them to Brooklyn, a New Jersey congressman said yesterday.
"I would respectfully request that you investigate all of Mr. Prokhorov's business dealings in Zimbabwe, specifically the February 2010 economic summit, and whether they violate the United States' sanctions regime against the country," Rep. Bill Pascrell (D-NJ) wrote in a letter to Geithner.
"The government of Zimbabwe suppresses freedom of speech and assembly, and reportedly restricts access to food in opposition areas," he said.
The Hill, Congressman wants probe into Russian potential buyer of NBA team
"This is disgusting," Pascrell said, according to the Post. "Obviously, the Board of Governors of the NBA didn't do their job properly when they vetted this deal."
NoLandGrab: Actually, the NBA did do their job properly, which was to approve Prokhorov no matter what. What they didn't do properly was the job.
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Ratner’s plans rely not only on Prokhorov’s investment but also on millions of dollars in tax breaks and a $400-million naming deal for the arena, to be known as Barclays Center. Barclays is Britain’s second largest bank. It seems like a variety of interests win if Ratner’s project is built. But they do not include ordinary Brooklynites, or the already-overextended American taxpayer.
Curbed, Actress Buys at 141 Fifth; Zimbabwe Delaying Atlantic Yards?
New Jersey Congressman Bill Pascrell is demanding a government inquiry into hopeful Nets buyer Mikhail Prokhorov's business dealings in Zimbabwe, which Pascrell says might have violated federal rules. Between that and the postponement of the NBA's vote on the sale of the Nets, Prokhorov's probably wishing he had that meditation chamber built already.
The Brooklyn Ink, POSSIBLE TIES TO ZIMBABWEAN DICTATOR MIGHT DELAY NETS MOVE TO BROOKLYN
Though the NBA insists he’s completely vetted, Russian billionaire Mikhail Prokhorov is facing increased scrutiny by a Congressman who questions his company’s business dealings with Zimbabwe.
NetsAreScorching, NETS ON THE NET: 4/12/10 EDITION
The NBA thus far has not commented on the newest accusation that an investment bank owned by Mikhail Prokhorov’s firm Onexim, did business with the U.S.-sanctioned Zimbabwe.
Develop Don't Destroy Brooklyn, NBA, Nets, Prokhorov & Ratner Mum on Zimbabwe Sanctions Busting Story. Geithner Asked to Investigate
It should be noted that in 2001 all of New York's Congressional delegation voted for the sanctions. And two elected officials who have now moved on to higher places were amongst the bill's four co-sponsors—Secretary of State Hillary Clinton and Vice President Joe Biden.
Wonder what they would think if it becomes clear that there has been a whitewash to allow Prokhorov to flout US laws.
Posted by eric at April 12, 2010 9:34 AM