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Russia’s PM Cautions Against Transferring Sizeable Stakes to Aliens
The transfer of sizeable stakes in Russia’s companies to aliens should be carried out with greater caution, Russia’s Prime Minister Mikhail Fradkov made clear to ministers during the Cabinet’s sitting.
The recent practice is to attract foreign managers to the BODs of state companies of Russia. But a foreigner may benefit from the right of first refusal and buy out stocks, Fradkov specified.
“The government may refuse a Mister X, who is the BOD member of some state company and a Britain’s citizen, for instance, but only when it finds out that he has acquired 49 percent already,” Fradkov explained, grudging the transfer of “50 percent in our company to a man who came here and claims he is the best manager in the field.” “What’s the good of giving? Are we some simpletons?”
It is not just the risk of disclosing state secrets, it is rather the need of foreseeing all possible risks related to such purchase of stocks, Fradkov said.
In his turn, Dmitry Medvedev, who is the first vice prime minister in Russia, called for the more exact split of authority when deciding on participation of foreign companies in strategic industries of Russia’s economy.
Under the elaborated bills, Medvedev said, the above decision should be made by four bodies – the government commission, the government, the profile authorized body and the president, but only on extraordinary occasions.
“The powers of government and president should be divided, otherwise we will create a very complicated backstop,” Medvedev said. “If I were the one to recommend to investors, I would suggest agreeing in advance all decisions with the president,” the first vice prime minister pointed out.
For Russia’s Natural Resources Minister Yury Trutnev, the usual highlight is the subsoil resources of the country. Foreign investors won’t control fields and deposits used for defense purposes, including the deposits of uranium, diamonds, some minerals of the lithium group, the minister said.
According to Trutnev, the aliens will have no control over continental shelf’s development, and the list of fields and deposits of federal significance is being elaborated now. Today’s list of strategic subsurface resources sets forth ten oil fields with the balance reserves of over 70 million tons, 36 gas fields, a gold deposit (Sukhoi Log), five copper deposits, including Udakanskoe deposit.
www.kommersant.com
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