Gazprom avenged an undesirable analyst

Sberbank CIB decided to dismiss analyst Alex Fack, who previously produced reports on Russian oil and gas companies. In the last report, he noted that Gazprom does not work in the interests of its shareholders, but in the interests of contractors - the companies of the Rothenberg clan and Gennady Timchenko.
According to the source, Fack sent a general letter to his list of contacts, in which he reported that he was no longer working for Sberbank CIB.

"I was fired today for a report on Gazprom, which I wrote," reads the letter, the text of which is available to TASS.

Fack also confirmed his dismissal.

Analysts at Sberbank CIB in late October sent a number of clients a version of the report on the state of the Russian oil and gas sector. The document contained an assessment of the prospects for the development of the Arctic, gas supplies to China, as well as the prospects and consequences of Rosneft's expansion and the role of the company's CEO Igor Sechin in decision-making. Subsequently, the incorrect version of the report was withdrawn, and Sberbank CIB apologized to Rosneft.

Later, in May this year, Alex Fake prepared another client report, in which the analyst wrote that the beneficiaries of Gazprom's investment program are not shareholders, but contractors.

Senior vice president of Sberbank, head of Sberbank CIB Igor Bulantsev confirmed the dismissal of the analyst. "Sberbank CIB confirms the dismissal of the analyst who prepared the report on Gazprom. The report was released by Sberbank CIB, an analyst with Sberbank's corporate investment business. Any documents originating from independent market analysts should be based solely on verified, verified data and information from open and confirmed sources. These are the norms and internal rules of the Sberbank CIB. In our company there are strict procedures of compliance, and each employee is obliged to comply with them, "he said.

"In this case, unfortunately, we are dealing with an unprofessional report, performed with obvious violations not only of internal regulatory documents of our company, but also with violation of ethical standards. Unfortunately, on May 8 it was published, and the dissemination also took place with a flagrant violation of the company's internal regulations. Agreeing with our arguments, the author of the report left Sberbank CIB from May 23, "concluded Bulantsev.