ZAO Ural precision alloys plant’s BOD suggested that the company’s shareholders vote for not paying any dividend on ordinary registered shares for the year 2009. This decision will have to be made by the stockholders in the course of an upcoming annual general meeting scheduled for June 29, 2010. The agenda of the AGM mainly covers issues related to the plant’s performance in 2009.

Governor of Chelyabinsk Region Mikhail Yurevitch asked the region’s Ministry for Economic Development to pay more attention to the local entrepreneurs’ applications. The Governor explained it was important to look more carefully into the businessmen’s complaints regarding the obstacles the municipal authorities appear to create for them. ‘We have to register and investigate every case where an entrepreneur’s rights are violated. If an applicant’s complaint is grounded and that the applicant is a law-abiding citizen, we’ll have to interfere. We also need to keep track of the number of such

Sverdlovsk Region Arbitration Court ruled in favor of Rospotrebnadzor’s Chkalovskiy division of Sverdlovsk Region Administration’s decision regarding OAO VUZ-Bank. The state consumer rights watchdog insisted that the bank was violating the rights of its customers. This Chkalovskiy division of the consumer rights protection agency received a number of complaints filed by VUZ-Bank’s customers in September 2009-April 2010. The subsequent inspections revealed that the bank’s loan agreements contained some terms that infringed upon the customers’ legal rights. After Rospotrebnadzor had ordered the

Experts from Rospotrebnadzor’s Central Yekaterinburg Department of Sverdlovsk Region carried out inspections of Auchan and Auchan-City hypermarkets located in Yekaterinburg’s Verkh-Isetskiy district in April 2010. The inspections were organized in accordance with the state consumer rights watchdog’s official schedule for the year 2010, the spokesperson for Rospotrebnadzor reports. The two stores were checked for compliance with the existing health legislation, the Consumer Rights Protection Act, and the sales regulations for certain kinds of products. The better part of the problems detected

Governor of Chelyabinsk Region Mikhail Yurevitch visited the local town of Zlatoust on May 25, 2010 and looked at the place’s most remarkable landmarks. For one, the Governor could see a church under reconstruction, a monument dedicated to P. Anosov (an outstanding Russian engineer and director of Zlatoust armory), and Bulat plant’s exhibition center. Mikhail Yurevitch also visited the town museum and had a look at the cold steel arms exhibition; all of the objects on display were produced by Zlatoust craftsmen. According to the spokesperson for the Governor, Yurevitch was greatly impressed

MMK Management Company’s First Vice President for Strategic Development & Metallurgy Rafkat Takhautdinov says he is positive the produce of Magnitogorsk Iron & Steel Works (MMK) cold roll Mill 2000 will be very popular with the Russian car manufacturers. According to MMK executive, the enterprise’s management had some thorough market research done prior to launching the project. The research findings made it clear that such a unique facility is quite needed. ‘All the car makers are looking forward to this mill’s produce, especially because the foreign automobile manufacturers who run

OAO NOMOS-Bank is not going to pay any dividends on preference registered shares or ordinary registered shares for the year 2009. This recommendation was given by the bank’s Supervisory Board to the company’s stockholders, who will have to turn in their votes at the upcoming AGM on June 23, 2010.

It has been alleged that the accomplices of Alexei Kalinichenko, the man who’d set up a pyramid scheme on Forex market and was charged with fraud in Russia, were detained in Italy. Infox.ru refers to the Italian La Nazione as stating that the people in question are a Russian subject and an Italian citizen presumably responsible for laundering Kalinichenko’s money. Under the Russian law, Alexei Kalinichenko is accused of setting Global Gaming Expo (GGE) to deal in trading on Forex exchange market and of stealing over 1 billion RUR from 4,000 Russian nationals. The trading was actually

OAO VUZ-Bank will not pay any share dividends for the year 2009. The decision to this extent was taken by the bank’s stockholders in the course of the recent AGM in Moscow. The bank explains the lack of dividends has to do with the actual lack of profits. In fact, VUZ-Bank finished last year off with 156.31 million RUR worth of losses; these will have to be compensated with the remains of the earlier years’ profits.

OAO MDM Bank’s representation was recently opened in the course of a solemn ceremony in Beijing. Over 170 guests were present at the reception held in the Russian Federation Embassy in Beijing, the bank’s friends and partners from the Chinese, Russian, and foreign banks and representatives of China and Russia’s business communities among them. Russian Minister Counselor to China Evgeniy Tomikhin gave a salutatory speech on behalf of the Russian Federation Embassy. MDM Bank’s delegation was led by the bank’s Deputy General Director Vadim Sorokin. According to the bank’s representatives, the

The Ural division of Rostechnadzor (the state environmental, technological, and nuclear safety watchdog) completed its investigation of a fatal accident at UC RUSAL Sevuralboksitruda’s Cheremukhovskaya mine, the division’s press officer announced on May 21, 2010. The accident occurred on April 12, 2010: a mine worker was smashed by an electric locomotive while proceeding to his work place. The investigative committee came to the conclusion that the accident had been caused by poor industrial control and unsatisfactory production and labor discipline at the mine.

Over twenty different kinds of perfumes and cosmetic products were withdrawn from commerce at three of L’Etoile’s chain stores, the spokesperson for Sverdlovsk Region division of Rospotrebnadzor (the state consumer rights watchdog) reports. Rospotrebnadzor’s Central Yekaterinburg division checked the stores for compliance with the health legislation, the Consumer Rights Protection Act, and the regulations for selling certain kinds of products. Over forty-five kinds of cosmetics items (including thirty-nine imported ones) were examined, and more than twenty items were withdrawn. Following the

‘Yekaterinburg is now aspiring to be a key node in international business communication, so international cooperation is an ever-present issue on our agenda. We hold about two hundred exhibitions every year, which I feel is an indicator of sorts,’ Deputy Mayor of Yekaterinburg Viktor Konteev said at the local exhibition and fair committee’s latest meeting. ‘However, we are faced with a few major problems here. To start with, we actually don’t work with the fair participants enough. About 12,000 to 14,000 companies take part in our trade shows, but we seem unable to provide them with very good

The BOD of OAO Ural Chemical Machine-Building Plant (Uralkhimmash) suggested that the shareholders vote for keeping last year’s net profit in the hands of the joint stock company when they meet at the upcoming AGM. It was agreed that any decisions regarding the plant’s net profit would be coordinated with the Board of Directors. It was also suggested that the stockholders vote for skipping last year’s dividend payments on ordinary registered shares and type A preference registered shares.

ZAO Raiffeisenbank’s Board of Directors decided to close down seven of the company’s provincial subsidiaries and convert them into offices instead. The decision was aimed at enhancing the bank’s regional network’s operational efficiency as well as at introducing more services in Raiffeisenbank’s provincial representations. This means that the bank’s Volgo-Vyatskiy subsidiary based in Kirov and the subsidiaries based in Izhevsk, Kazan, Saransk, Saratov, Cherepovets, and Smolensk will close down this year.

UC RUSAL’s stock quotation started dropping about a month ago and has by now reached its lowest-ever level. On May 19, 2010, the company’s shares cost nearly 30% less than they did during the initial offering in January 2010, Kommersant reports. According to the newspaper, UC RUSAL lost another 2.7% in capitalization at the close of business at Hong Kong Stock Exchange, so the total figure came to $14.8bn. This was 29.7% lower than the initial offering price quoted on January 24, 2010. The company was estimated at $21bn at the time. RUSAL’s share listings dropped lowest on February 18, 2010

Moscow Arbitration Court ruled that ZAO MIAN Development must undergo bankruptcy proceedings, Interfax reports. It was explained to the reporters that Igor Kulakov would be appointed the company’s provisional trustee in bankruptcy. This means the court accepted MIAN Development’s bankruptcy application. The debtor’s representative announced in the course of a court session that the company’s debts totaled to 10.5 billion RUR, whereas its assets (including the accounts receivable) amounted to 7.5 billion RUR. The company had no immovable or movable assets; nor did it have any arrears of wages.

Pipe Metallurgical Company (TMK) will probably not pay any dividend for 2009. The company’s Board of Directors has already suggested that the shareholders made a decision to this extent during the AGM on June 22, 2010 in Moscow. It was also suggested that ten people should be elected on the BOD, one of these people being Dmitriy Pumpyanskiy.

The public prosecution authorities of Yekaterinburg’s Chkalovskiy district instituted administrative lawsuits against the Director and the warehouse superintendent of OOO Rimex Trade, with charges based on Article 5.27 (part 1) of the Russian Federation Administrative Offense Code (violation of labor law and labor protection regulations), the spokesperson for the authorities informed UrBC. The legal action was taken after the investigation of an accident in February 2010 that left one of the company’s workers with two broken vertebrae. The man fell down while working at heights. It was

The office of CzechTourism was set up in Yekaterinburg recently. The organization’s Yekaterinburg representation will be run by Pavel Franěk. CzechTourism deals in organization of sightseeing tours around the Czech Republic for representatives of foreign and Czech in-coming travel companies and reporters. The opening ceremony was attended by the Czech Republic’s Minister for Regional Development Rostislav Vondruška, Chair of Sverdlovsk Region Legislative Assembly’s House of Representatives Lyudmila Babushkina, Sverdlovsk Region’s Minister for Industry and Science Alexander Petrov, Mayor of