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L'arri

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Re: Astana
« Reply #90 on: March 01, 2018, 10:00 »
Some background on the team's financial woes:
https://www.reuters.com/article/us-global-swf-kazakhstan-analysis/kazakhstans-frozen-billions-sound-alarm-for-sovereign-funds-idUSKCN1G40MI

A Belgian court ordered banks to freeze 22.6 billion $, ~40% of Kazakhstan's sovereign wealth fund (Samruk-Kazyna, the team's main funding source), in a legal dispute with a Moldovan businessman about 500 million $.

Man, this all sounds shady as hell. :S

The key point is this:

Quote
"The more they act like ordinary commercial investors and not as vehicles of the state, it creates a risk that courts will not view them as instruments of the state, and are less likely to give them immunity"

Lots of SWFs nowadays operate commercially and the money they contain is not only collected from state-controlled revenues but also a mix of private interests taking advantage of the inbuilt protection and increased market access to launder, offshore and secrete wealth.

If the #astana budget is indeed entirely furnished from these frozen assets, then Vinokourov will have to go cap in hand to the old country in an effort to scrape the balance from other sources. The scale of the thing is clear enough though: $22.6bn is a lot of WT teams.
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