Putin signs decree granting VTB 100% of shares in United Shipbuilding Corporation

MOSCOW. Oct 9 (Interfax) - Russian President Vladimir Putin signed a decree on the transfer of the 100% federally-owned shares in United Shipbuilding Corporation (USC) to the trust management of VTB for a period of five years, according to the document, which was published on the official Internet portal of legal information.

The decree states that the Russian government must conclude an appropriate agreement on the trust management of USC shares within six months, which will define key management performance indicators, obligations for their implementation and conditions for the early termination of trust management.

The decree comes into force from the date of its signing.

The Russian President announced the decision to transfer 100% of USC shares to the bank for trust management in August at a meeting with the head of VTB Andrei Kostin. At the end of August, Kostin headed the board of directors of the United Shipbuilding Company, and former first deputy chairman of VTB Andrei Puchkov was appointed general director of USC.

USC was created in accordance with a presidential decree in 2007; 100% of its shares are federally owned.