Russia: State guaranties to «United Aircraft Corporation» on its bonds
Description
Russian Prime Minister Vladimir Putin signed a ruling (Decree # 721 issued 13 September 2010) to provide state guaranties to the government-controlled defense company «United Aircraft Corporation» on its bonds. The ruling is part of the program to develop the aircraft sector which was announced in the "Programme of the long term socio-economic development of the Russian Federation until 2020" (Government Decree # 1662-p from 17 November 2008).
According to the information provided at the official website of the company (http://www.uacrussia.ru/en/):
UAC and its member companies’ priorities include design, manufacture, sales, operation maintenance, guarantee and service maintenance, upgrading, repair and utilization of civil and military aircraft. The Russian Government contributed assets of the largest state-owned Russian aircraft building companies to UAC’s charter capital. The size of UAC’s chartered capital was 96.72 billion rubles (2.7 billion Euros) at the moment of the establishment of the Corporation in 2006. Upon the completion of the additional share issues UAC’s chartered capital amounts to RUR 174.61 bln (about 5 billion Euros) in 2010. The share of the Russian Federation in UAC’s chartered capital is 80.29%.
The Government Decree #2253-p from 14 December 2010 defines the sum of the state guaranties to "United Aircraft Corporation" in 2010 at 46,3 billion rubles (1,15 billion rubles).
Any Evidence-Based Deliberation:
| Question | Result |
|---|---|
| Is there anything in the public record to suggest that evidence of the effectiveness of the proposed measure was considered during official deliberations? | |
| Is there any evidence that alternatives to the proposed measure were considered? | |
| Is there anything in the public record that suggests that empirical evidence informed the comparison across the alternatives available to government? | |
| Was such evidence identified? | |
| Is such evidence publicly available? | |
| Did the official decision-maker in question provide an explanation as to why a chosen measure was favoured over alternatives? | |
| Is there any evidence to suggest that potentially affected trading partners were consulted before the measures were taken? | |
| Is there any evidence that safeguards have been put in place to ensure that implementation of the initiative is transparent and non-discriminatory? | |
| Did the government state its intention to review the measure within one year of implementation? |
Date Discovered:
Implemented: Yes
Date of inception: 13 Sep 2010
GTA Evaluation: Red
Source:
The Government Decree # 721 issued 13 September 2010 -
http://www.government.ru/gov/results/12223/
The Government Decree # 2253-р issued 14 December 2010
Government Response:
- 352 reads
