December 18, 2007 By James Kimer

“Very Creepy” Business with Spies

shvartsman1218.jpg Andrew Kramer at the Times digs into the Oleg Shvartsman story, and gives particular attention to Renault’s due diligence and business dealings with AvtoVaz and Sergei V. Chemezov:

For big Western companies, the prevalence of former Federal Security Service agents in Russian business is raising questions of ethics and due diligence, as a growing number — including Boeing, Exxon Mobil and Renault — have business transactions with Russian companies linked to former spies or members of the political police. Boeing and Exxon declined to comment on their companies’ due-diligence criteria for deals with former K.G.B. officials. A spokeswoman for Renault said her company was “not concerned” with the matter.