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Economy/Business
31 March 2021, 18:51

Putin decided to transfer 50% + 1 share of Bashkir Soda Company to Bashkiria

Russian President Vladimir Putin decided to transfer 38.3% of Bashkir Soda Company JSC shares to the ownership of the Republic of Bashkortostan and another 11.7% plus one share - to trust management. Thus, the republic gained control over the enterprise and will manage its development.
"It is important to ensure the company's long-term, efficient operation and the release of competitive products," Vladimir Putin said at a meeting with members of the Russian Government on March 31, "It is crucial to preserve wages and jobs for people. One of the key issues is competent enterprise management. Decisions on this matter have been made. I ask the Russian Federation Government to transfer 38.3% of the BSC shares to the Republic of Bashkortostan. However, besides this, I ask you to transfer another 11.7% plus one share to trust management structures that the Government of the Republic fully controls. This means that the republic will be able to manage this company fully."
The President instructed to conclude a special agreement between the Government of the Russian Federation and the Government of the Republic of Bashkortostan, which will define specific plans and key performance indicators of the Bashkir Soda Company, including production and investment volumes, as well as provide for mechanisms to control the use of state property.
Earlier, the Arbitration Court of Bashkiria satisfied the claim of the Prosecutor General's Office of Russia to seize the shares of Bashkir Soda Company JSC from illegal possession in favor of the Russian Federation. The lawsuit was filed after the General Prosecutor's Office of the Russian Federation conducted an audit in connection with the loss of state control over the assets of BSC JSC. According to the prosecutor's office, the inspection revealed violations of the legislation on privatization, and the transfer of rights to the property of the complex was made against the will of the Russian Federation.
The Prosecutor General's Office reports that by a court decision in favor of the Russian Federation, 95.72% of ordinary registered shares of Bashkir Soda Company JSC were claimed from illegal possession of Regional Fund JSC, Bashkirskaya Khimiya JSC and Bashkirskaya Khimiya Trading House LLC. The court also ordered Reestr JSC and URALSIB Bank PJSC, which are respectively the holders of the register of shareholders and the nominal holder of shares, to write off these shares from the accounts of the defendants and credit them to the personal account of the Federal Property Management Agency.
The Head of Bashkiria, Radiy Khabirov, supported the statements of the General Prosecutor's Office.
According to the Head of Bashkortostan, after the completion of court procedures and a decision on the type of corporate governance, the company should pay special attention to the modernization of production and environmental policy.
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