Russia » Economics

Yakut parliament adopts bill on ALROSA - 6 March, 2003

Yesterday, the parliament of Yakutia adopted on the first reading the bill on the Joint-Stock Company ALROSA, which fixed the current organizational and legal status of the enterprise and the rights of local uluses (districts) for 8 percent of its shares, Vostok Media reported. "The concept and the strategy of the bill were approved; its articles will be discussed and elaborated on by the parliament's committees; all suggestions will be taken into account. According to parliamentary regulations, two months will be needed for preparing the bill for the second reading," spokesperson for Yakut President Dzhulustan Ivanov stated.

It is worth mentioning that at the end of 2002, the Russian government has become ALROSA's largest shareholder after increasing its stake in the company from 32 to 37 percent. The Yakut government owns another 32 percent. The ALROSA's employees hold 21.71 percent of shares, eight Yakut uluses - 8 percent, and the company's management - 1.29 percent.

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