Putin signed a decree on transferring 100% of USC shares to VTB management – ​​Kommersant

Russian President Vladimir Putin signed a decree on the transfer of the state block of shares of the United Shipbuilding Corporation (USC) to the trust management of VTB (MOEX: VTBR) for five years. Federal ownership includes 100% of USC shares. Document published on the official Internet portal of legal information.

“Accept the proposal of the government of the Russian Federation to transfer into trust management of VTB Bank 100% of the shares of United Shipbuilding Corporation JSC into trust management for a period of five years without holding a competition for the right to conclude a trust management agreement for shares,” the decree says.

According to the document, 100% of USC shares were transferred to VTB “to improve management efficiency and further develop the shipbuilding industry.” The government has been instructed to conclude a trust management agreement for USC shares within six months. The document must define key performance indicators of trust management of shares, obligations for their implementation and conditions for early termination of trust management.

Vladimir Putin announced the decision to transfer the state stake in USC to VTB on August 10 at a meeting with the head of the bank, Andrei Kostin. According to Kommersant, the decision was caused by the failure of the USC rehabilitation program, which began in 2020. After the president approved the transfer of USC to the bank, the corporation’s management happened changes. Former first deputy chairman of VTB Andrei Puchkov was appointed head of USC, and Andrei Kostin was elected chairman of the board of directors of USC.

USC unites more than 50 design bureaus, shipbuilding, ship repair and engineering plants, research centers and enterprises in 15 regions of the Russian Federation. USC’s revenue for 2022, according to the company, amounted to 350 billion rubles.

Read more in the Kommersant article. “Ships came into our banks”.