Audit Chamber Concerned about Transneft Dividend Payments

Holders of preferred shares of Transneft (25 percent of the authorized capital) receive higher dividends compared to those received by the state, which controls the 75-percent block of common shares in this company. This conclusion was derived by the board of the Audit Chamber who audited the efficiency of Transneft's activity, the Chamber declared in its official statement. The Audit Chamber is planning to submit the corresponding letter to the Russian government and the Property and Energy Ministries.

The ratio of dividend payments on preferred and common shares in 1997 was 10 percent and 5 percent, in 1999 it was 10 percent and 8.1 percent, in 2000 it was 10 percent and 4.5 percent.

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