Forwarded message: > Date: Wed, 08 Oct 1997 10:11:04 -0500 > From: Bob Riley <[EMAIL PROTECTED]> > Subject: Soros marks 10 years of philanthropy in Russia > > Copyright © 1997 The Associated Press > > MOSCOW (October 7, 1997) -- As George > Soros sees it, Russia is well on the road from "robber capitalism" to > oligarchy -- the rule of the rich. So what is the billionaire > philanthropist and investor planning to do? Pump more money into it. > > Soros kicked off a two-week philanthropic tour of Russia with the > announcement Tuesday that he will increase his charity work here -- > already in the hundreds of millions of dollars -- in the hope of > fostering democracy. > > "I may be naive," he said, "but I have great faith in Russia." > > Soros' visit is timed to coincide with the 10th anniversary of the Soros > Foundation's first philanthropic initiatives in what was then the Soviet > Union. > > In that decade, the Hungarian-born and American-made billionaire has > poured more than $350 million in charitable donations into Russia, and > has been widely praised for slowing the brain drain of Russian academics > and scientists, as well as opening Russia to the Internet. > > In a speech marking the anniversary, Soros noted that he also has > increased his for-profit investments in Russia to more than $2 billion. > > Despite a political and economic situation that he conceded was > "intolerable," Soros said he saw reason to hope that President Boris > Yeltsin's government can move the country toward genuine reform. > > For the first time, he said, "I can see a realistic prospect of Russia > moving in a positive direction." > > Soros made a controversial splash in the Russian market in July when he > sank $980 million into a consortium's successful bid for a stake in the > telecommunications monopoly Svyazinvest. > > It was the largest privatization deal ever in Russia, and came under > withering attack. Some Russian media characterized it as the sort of > cozy insider sell-off that has typified the sale of many government > assets. > > However, Soros told Russia's NTV television that he had no intention of > bidding for an interest in the huge Rosneft oil company when it is > privatized soon. > > Soros did not say how much more money he intended to donate in Russia, > nor how it would be spent. He said he would spend most of the next two > weeks talking to people in a series of "town hall" meetings before > announcing his foundation's new initiatives. --
