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. Last Updated: 07/27/2016

Kamaz Votes For Tax Relief

Shareholders of the struggling Russian truck maker Kamaz on Friday approved a board proposal to transfer up to 30 percent of its shares to the government to cover mounting tax debts, a news agency reported.

Itar-Tass quoted General Director Nikolai Bekh as saying the share transfer to the government of the Russian republic of Tatarstan, where the company's main operations are located, will be completed in March.

Bekh said the shares will come from those now owned by the company or from shares pledged to commercial banks as collateral for loans.

The news agency didn't indicate how much Kamaz owes to the budget, noting only that the company's overall debts total 1.4 trillion rubles ($250 million).

Last year, heavy lobbying by the Tatar government fended off an attempt by federal authorities to bring bank-ruptcy proceedings against the company for its huge tax debts.