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Albania’s Central Bank Governor Arrested at Office Over Theft Fiasco

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On September 5, 2014, Albania’s central bank governor Ardian Fullani was arrested that evening at his office. Albanian prosecutors charged Fullani with “abuse of office” and theft of more than 713 million lek (US$ 6.63 million) from the central bank’s vaults. The theft was reported during the summer.

Fullani is the 17th Bank of Albania employee to be arrested in the case. Employees who were found by prosecutors to be involved have been fired from the bank and replaced. Earlier, Fullani won a confidence vote in the supervisory board by a sweeping margin.

Appointed Governor in 2004, Fullani was serving his second 7-year term. Replacing Fullani is Elisabeta Gjoni, the bank’s first deputy governor.

China Helps Pakistan’s Foreign Reserves

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Despite Pakistan witnessing an increase in exports, the rapid increase in crude prices and lackluster financial inflows, have affected the country’s balance of payments position. Trying to avoid a full-scale currency crisis, Pakistan is also dealing with a fiscal budget deficit and a current account deficit. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Russia-Japan Investment Fund to Back Wood Pellet Production in Russia

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The Russian Far East has a lot of timber, and for that wood pellets is a source of biofuel. A while back, the Russian Direct Investment Fund (RDIF) formed the Russia-Japan Investment Fund (RJIF) with the Japan Bank for International Cooperation (JBIC). RDIF and JBICIG Partners as part of RJIF, together with RFP Group and Japan’s Prospect Co., Ltd. have agreed to collaborate and consider potential investments in Russia’s biofuel industry. JBICIG Partners is a subsidiary of the Japan Bank for International Cooperation.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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RDIF Lures Asian Investors Toward Russian Surgical Robot Project

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The Russian Direct Investment Fund (RDIF) is partnering with a number of unnamed Asian co-investors to allocate capital toward a project to create and manufacture Russian surgical robots. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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