Pursuits
Czech Billionaire in Russia for ‘Long Haul’ as Recession Sets In
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Czech billionaire Petr Kellner said his PPF Group NV will keep investing in Russia, looking past the lack of a short-term solution to the country’s economic crisis that’s driving out foreign capital.
Home Credit BV bore the brunt of the “adverse circumstances” in Russia that now shape the business environment there, Kellner, whose investment group is the consumer lender’s majority owner, said in introductory remarks to PPF’s 2014 annual report distributed Wednesday. Home Credit swung to a loss of 60 million euros ($66.3 million) last year from a profit of 324 million euros in 2013.