03 June 2004 04:53
Economy ministry drafts new laws on large share purchases
MOSCOW. June 3 (Interfax) - The Russian Economic Development and Trade Ministry has drafted and plans to introduce
new legislation on the purchase of large blocks of shares to enable the government to implement all aspects of corporate
policy, Andrei Sharonov, a deputy economy minister, said at the Corporate Governance and Economic growth conference.
Sharonov said the government was in favor of easing administrative pressure on business, establishing distinct rules
of play on the market and upholding the rights and interests of all interested parties.
The economy ministry plans to submit a new law on competition to
the State Duma by the fall. The law will alter the key criteria for
"These processes must assume a civilized form and not violate the rights of minority shareholders. Unethical
takeovers are one of the most serious problems for Russia and are damaging the investment climate in the country,"
Sharonov said.
anti-trust legislation, Sharonov said.
"We plan to shift that control that exists on the markets from how much [a company owns] to how it
behaves," Sharonov said. [RU ASIA EUROPE EEU EMRG CORA MRG STX LAW] pr
[Interfax] |
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