28 Aug 2023 09:51

USC transfer to VTB trust management to be completed in days

ST. PETERSBURG. Aug 28 (Interfax) - The processing of transferring 100% of shares in United Shipbuilding Corporation (USC) to the trust management of state bank VTB will be completed "literally any day," Deputy Industry and Trade Minister Viktor Yevtukhov told reporters.

"This will happen literally any day. The process of legally processing the documents so that everything is exactly in order is now concluding," Yevtukhov said after a meeting between new USC chief executive Andrei Puchkov and the management of USC divisions in St. Petersburg on Saturday.

Former VTB deputy head Puchkov was appointed CEO of USC last Wednesday, replacing Alexei Rakhmonov, who had headed the company since 2014.

President Vladimir Putin held a meeting with VTB head Andrei Kostin on August 10 at which he said he supports putting USC under the state bank's control. VTB will trust manage 100% of USC shares for five years.

The relevant documents will be prepared and approved soon, Deputy Prime Minister and Industry and Trade Minister Denis Manturov said earlier.

USC was created by presidential decree in 2007 and it is wholly owned by Russia's federal government.