Source Pravda.Ru

Yakutia's president comments on ALROSA

Vyacheslav Shtyrov, President of Yakutia and former head of ALROSA, aRussian diamond producer, believes that it is inexpedient to sell thefederal government's stake in this company. Proposals on selling the stakehave been made recently due to the necessity to pay off Russia's foreigndebts. In an interview with RosBusinessConsulting, the head of the SakhaRepublic (Yakutia) said that "there was no sense" in selling this block ofshares in ALROSA. "ALROSA pays 20bn rubles ($632m) in taxes to the statebudget and brings profit", he stressed. Moreover, he noted, the diamondindustry does not require "special supervision and special organization ofthe market". "That is why I do not see a special sense in the state'swithdrawal (from this market)", Shtyrov said. At the same time he stressedthat whatever position it was, "the federal stake has its owner, it is thefederal government". "We can advise, but we cannot insist; I am responsiblefor my shares, they will not be sold", he pointed out.Currently, the Russian and Yakutian governments own a 32 percent block ofshares each, 23 percent belong to ALROSA's workers, 8 percent are owned byadministrations of Yakutian districts and a five percent block of sharesbelongs to the Russian government's fund of social guarantees forservicemen..

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