Russian fraudulent privatization scheme of 1996 1996
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This article is part of a series about
Boris Yeltsin
Early life
Presidency
Yeltsinism
CPSU membership
26th
27th Politburo
26th
27th Central Committee
28th Congress
Elections
1991
campaign
1996
campaign (Vote or lose)
Loans for shares
Semibankirschina
Soskovets campaign strategy
Xerox affair
First term
1st inauguration
Gaidar Cabinet
August Coup
1st Chernomyrdin Cabinet
Constitutional conference
1993 crisis
1st Chechen War
International trips ("Circling over Shannon" diplomatic incident)
Second term
2nd inauguration
Ruble crisis
2nd Chechen War
Resignation
International trips
Post-Presidency
Presidential Center
Presidential Library
Illness
Death and state funeral
Media gallery
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Beginning in 1995, Boris Yeltsin's government began privatizing state-owned shares in companies through a loans for shares scheme.[1] The scheme helped with "fundraising" for Yeltsin's 1996 reelection campaign and restructuring freshly-sold companies at the same time (in order to outweigh communist sympathizers as one source speculated).
Russian bankers constituted the majority of those who have provided the funds[clarification needed] (see Letter of thirteen [ru]). The rest included such entities as Stolichny bank (Russian: Столичный банк) and World Bank (who made a loan for a small percentage of the Sibneft oil company) and even some targeted investments from USAID in assistance to Chubais.[2][note 1]
The scheme was primarily overseen by Anatoly Chubais who was linked to USAID program managed by head of the Harvard Institute for International Development (H.I.I.D). at the time.[3][2]
The scheme implementation ultimately resulted in the emergence of an influential class of enterprise owners, known as Russian oligarchs.
^Hockstader, Lee; Hoffman, David (July 7, 1996). "Yeltsin Campaign Rose from Tears to Triumph". The Washington Post. Retrieved September 11, 2017.
^ abcWedel, Janine R. (1998-05-14). "The Harvard Boys Do Russia". The Nation. ISSN 0027-8378. Retrieved 2021-06-19.
^Treisman, Daniel (September 2010). "Loans for Shares Revisited" (PDF).[dead link]
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and 27 Related for: Loans for shares scheme information
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