GAZ Board Recommends To Pay No Dividends For 2000

The board of directors of the Russian car producing factory GAZ discussed financial results of the company in 2000 and recommended the general meeting of shareholders to pay no dividends for 2000 in view of losses the company suffered last year. According to a financial report, which the board has already recommended to approve at a general meeting of shareholders, GAZ losses amounted to 5.146bn rubles ($179m) in 2000. According to results of an audit inspection conducted by KMPG, the financial report of the factory complied with Russian legislation.