Rostekhnologia head Sergey Chemezov has aksed the Russian president for a contribution.
Photo: Dmitry Dukhanin
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Chemezov Asks for Titanic Payment
The Rostekhnologia state corporation, now being founded around Rosoboronexport, expects to receive not only assets from the state, but financial support as well. Rostekhnologia head Sergey Chemezov asked Russian President Vladimir Putin to compensate Rosoboronexport $500 million for acquiring 66 percent of titanium producer VSMPO-Avisma. Rosoboronexport bought VSMPO-Avisma in November 2006. At the end of last month, the president sent Resolution No. NPr-118 to Prime Minister Viktor Zubkov to consider Chemezov's letter. Last week, the resolution and letter, which is dated December 7, 2007, were distributed to interested agencies.
Chemezov, who is a personal friend of the president, wrote, “For the acquisition of OAO VSMPO-Avisma Corp. in the interests of the state, borrowed funds in the volume of approximately $1 billion were obtained by FGUP Rosoboronexport, $500 million (with interest) of which is being repaid by the enterprise independently through the sale of part of its assets and with its own funds…” The enterprise needs to pay $500 million quickly, however. “Considering the high receipt of incomes and the surplus of the federal budget, it appears expedient to return to funds indicated from the additional income of the federal budget,” Chemezov concludes.
Persistent rumors held that Rosoboronexport acquired the VSMPO-Avisma stock at a significant discount from the three owners, chairman of the corporation's board Vyacheslav Bresht, general director Vladislav Tetyukhin and Renaissance Capital. Vneshtorgbank and Sberbank provided Rosoboronexport credit. Chemezov submitted a draft presidential order on the government's property contribution to the new corporation at the end of December. That document lists shares in Oboronprom, AvtoVAZ and the Sukhoi design bureau among those assets, but it does not mention VSMPO-Avisma. A Rostekhnologia source said that that was because VSMPO-Avisma is owned by subsidiaries and dependent companies of Rosoboronexport.
www.kommersant.com
All the Article in Russian as of Feb. 06, 2008
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