08.06.2008
Investors have ``no confidence'' in Russia's judiciary, which must improve to attract more foreign investment, Exxon Mobil Corp. Chief Executive Officer Rex Tillerson said.
``There is no confidence in the rule of law in Russia today,'' Tillerson said at the St. Petersburg International Economic Forum.
Russian President Dmitry Medvedev later defended his nation's legal system at the forum, saying laws on property rights and contract obligations are ``in line with world standards.''
Improvement of the judicial system is ``the one key element'' Russia must undertake to reassure foreign investors, Tillerson said at a roundtable, attended by the chief executive officers of BP Plc, Royal Dutch Shell Plc, Chevron Corp., ConocoPhillips and other international energy companies.
Medvedev, a lawyer who has criticized Russia's ``legal nihilism,'' said the country still needs to establish ``absolutely independent courts'' to help put those laws into practice. A new survey of international companies including Irving, Texas-based Exxon found that while Russia is the most promising market for foreign investment, corruption remains a ``major concern.''
Source: Bloomberg
