RAO UES of Russia's dividends triple in 1999-2001

The amount of funds that RAO UES of Russia's branches earmarked for dividend payments tripled in 1999-2001. RAO UES of Russia's Mass Media Department reported to RBC the total amount of paid dividends was RUR1.2bn (around $38.09m) in 1999, RUR2.5bn (around $79.36m) in 2000 and RUR3.6bn (around $114.2m) in 2001. At the same time, the number of companies paying dividends dropped from 70 in 1999 to 59 in 2001. According to the Russian energy holding, it is due to the restructuring of its branches' debt to the federal budget in 2001. The amount of fines and penalties was included in "non-sale expenditures". However, according to the debt restructuring agreements, in the event debts to the federal budget are repaid on time, fines and penalties will be detracted and included in "non-sale revenues", which will help the companies of the Russian energy holding compensate for dividends unpaid to their shareholders.

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