You might have heard that recently Sberbank-CIS (which was formerly known as Troika Dialog) investment bank issued an analytical report on Russian Oil & Gas industry.
Nothing out of ordinary. The only difference was: they openly claimed that it is not the company but its construction contractors and sub-contractors who are benefiting from the capex program.
Alex Fak was saying in strait language that this is due to the fact that these contractors are in some very preferrential state and their owners are from the government inner circle.
The guy whom I've knows for many years as a highly professional analyst was dismissed soon enough.
I have little doubt that he will be hired somewhere soon (and wish him to be upgraded in salary and title). Let's keep this report for ourselves and for the history.
Downloadable from Telegram channel Noblockchain: https://t.me/nonblockchain/823