Ilyushin Finance Company General Director Alexander Rubtsov enters his office
Photo: Valery Melnikov
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Ilyushin Finance Co. to Increase Par Value
Ilyushin Finance Co. calls EGMs to seal a number of issues, including increased par value of stocks and the new stock issue. However, the holders won’t focus on the deal to lease 15 An148-100s to Krasair at those extraordinary meetings prevented, perhaps, by strong opposition of Russian authorities to the An-148 project.
Ilyushin Finance Co. is one of two state-run/private companies involved in domestic aircraft construction and sale programs. The focus of attention is Il-96-300, Il-96-400, Tu-204-300 and An-148 aircraft. The holders are Rosimushchestvo (38 percent), Vneshekonombank (15 percent). The remainder is shared by Alexander Lebedev’s National Reserve Bank (NRB), National Reserve Corporation (which manages NRB assets), the companies affiliated to them and the management. In July 2005, the stocks of Vneshtorgbank and National Reserve Corporation (around 51 percent) were seized by the Prosecutor General’s Office of Russia under the action against Alexander Rubtsov, the former general director of Ilyushin Finance.
Kommersant found out Ilyushin Finance Co. holds two extraordinary meetings September 30, 2005 with the following order of business - to approve the $344.5-million lease of six new Il-96-300s to Aeroflot and to increase stock capital by raising the par value of placed stocks.
In this respect, it is of interest that the inspection carried out by the RF Audit Chamber in June showed that of 2.5 billion rubles spent by the State to buy out 38 percent in the company, only 212,000 rubles went to the stock capital. At that time, Ilyushin Finance claimed the better part of amount was accounted as the capital paid-in in excess of par because of the difference between the par and market value of stocks. This method of accounting is in conformity with the laws of Russia, but exactly it resulted in the action against Rubtsov.
Therefore, now the EGM is to sanction transfer of the funds from the excess capital to the stock capital.
And last but not least, the EGM will also decide on stock capital increase by releasing new stocks. This move will enable the company to raise 2.75 billion rubles. This amount is stipulated in the 2005 budget of Russia and will go to implement lease program for domestic aircraft.
At the same time, the EGM will hardly sanction the lease of 15 An148-100 planes to Krasair (under the first firm order for new Ukrainian-Russian plane which competes with the Russian Regional Jet of Sukhoy) worth $270 million. At least the BOD, which sanctioned the order of business for the EGMs, decided to shelve this issue, perhaps, because of continuous opposition of Russian authorities to An-148 project - Yury Koptev, director of defense and industry department at the Ministry of Industry and Energy of Russia, told Kommersant in July Russian budget won’t finance the An-148.
www.kommersant.com
All the Article in Russian as of Sep. 15, 2005
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