Owing to an editing mistake, on page 66 of Euromoney's April edition we said that NIKoil was one of the large Russian companies that western investors had pressed the EBRD not to lend to because of poor corporate governance. We would like to set the record straight. NIKoil is one of the pre-eminent investment banking groups in Russia. As part of its commitment to transparency and disclosure it has adopted international accounting standards and is audited by Andersen.
As at year end 2000 NIKoil enjoyed the confidence of 40 western correspondent banks. It is the adviser to several large and prestigious multinational corporates investing in Russia.
It enjoys the highest credit ratings of any financial institution in Russia not owned by foreign shareholders or the state, and these ratings are the equivalent to the sovereign rating of Russia.
Apologies to NIKoil.