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. Last Updated: 07/27/2016

11/29/1995

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Sukhoi Removed From Loans-for-Shares Sale

In a serious blow to the government's loans-for-shares scheme to sell off shares in some of Russia's largest companies, the State Property Committee on Tuesday withdrew the Sukhoi aircraft design bureau and two other defense companies from auctions due to be held Dec. 7. Igor Plotnikov, a press secretary for the committee, said the government had decided to withdraw from auction the 25 percent stake in OKB Sukhoi, the company that designed some of the former Soviet Union's most renowned fighter aircraft. Stakes in two aircraft production plants -- 13 percent of the Ulan-Ude aviation production association, and 25 percent of the Arsenyev aviation company Progress -- will also be withdrawn, he said. Plotnikov gave no reason for the decision to remove the companies from the scheme, but the move followed calls to President Boris Yeltsin last Friday from both the State Duma and the Federation Council to suspend auctions of shares in strategic companies.

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