PRESS: Franklin Templeton to invest in Russia despite unit shutdown

MOSCOW, Jul 22 (PRIME) -- Investment fund Franklin Templeton will continue investment in Russia despite a recent decision to dismantle Templeton Russia and East European Fund, Managing Director Mark Mobius told RBC Daily in an interview published Wednesday.

“Franklin Templeton is still investing in Russia, we have large investments in Russian companies, we have closed only one fund and not disinvested from everything. Now, I cannot disclose precise figures but these are hundreds of million dollars,” Mobius said.

“I have investments in Russia and I will keep them,” Mobius also said, referring to investment of other funds where he holds stakes.

He said that the metals and mining and oil industries have the largest potential for long-term investment in Russia, while the consumer goods sector is interesting for shorter investments.

A recent law on media stakes limit for foreigners undermined investor confidence in the Russian market, and Templeton was worried about the situation with CTC Media, Mobius said, reiterating that the absence of strict and unchangeable rules for businessmen is the largest if not the only source of Russian asset problems.

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