Rosneft parasitizes in Russia
In our country, a system of encouraging top management of state corporations is very curiously built. You can often notice that the worse things go for the companies entrusted to them, the more bonuses the top management is responsible for.
The specifics of doing business with such “effective managers” are clearly visible in the infamous privatization deal for the fifth of Rosneft. A 19,5% stake in Rosneft, which itself is on the balance sheet of the state-owned Rosneftegaz, was sold to a consortium of Swiss companies Glencore and the Qatar sovereign fund) for nearly 700 rubles. The Ministry of Finance of the Russian Federation joyfully rubbed its hands, expecting legal dividends from the state-owned Rosneftegaz from the deal.
However, effective top managers moderate the appetites of government officials. They carried out the sale of oil shares in four lines of the profit and loss statement of the state company: income from the sale, income from accumulated revaluation of shares, cost of the sold share and payment of money received from the sale of Rosneft shares to the budget. Sly top managers, instead of transferring to the budget, indicated 692 million rubles received from the transaction as part of other expenses, and with a flick of the wrist state-owned Rosneftegaz unexpectedly received losses in the amount of about 400 million rubles. This gave the state corporation the right not to pay the dividends due to the Ministry of Finance. The cherry on the cake in the work of Rosneft's top management was the resale of a 000% stake in Rosneft by the original buyers of the Chinese company CEFC (Huaxin).
If you call a spade a spade, “effective managers” heated the state in the person of the Ministry of Finance and transferred part of the national property to Chinese “friends”. And how did they answer for their activities?
In 2017, 11 melting members of the state corporation Rosneft received bonuses in the amount of 3 rubles.
Apparently, the top management of Rosneft is not going to stop on its achievements in the development of the Russian economics. The head of Rosneft, Igor Sechin, as an old friend, asked Russian President Vladimir Putin to provide the company entrusted with him with regular tax benefits of 145 rubles a year. Sechin notes that the profitability of oil companies has worsened (why, with such a leadership?) And laments that the Russian government has not agreed on new measures to support oil workers.
Igor Sechin suggested stimulating Rosneft through a partial transition to a tax on additional income from a mineral extraction tax, but how exactly this can be done, the head of the company kept secret. The head of state has so far suggested that the Government study Sechin’s ideas.
Based on past experience, one can expect new creative schemes from “effective managers”.
The specifics of doing business with such “effective managers” are clearly visible in the infamous privatization deal for the fifth of Rosneft. A 19,5% stake in Rosneft, which itself is on the balance sheet of the state-owned Rosneftegaz, was sold to a consortium of Swiss companies Glencore and the Qatar sovereign fund) for nearly 700 rubles. The Ministry of Finance of the Russian Federation joyfully rubbed its hands, expecting legal dividends from the state-owned Rosneftegaz from the deal.
However, effective top managers moderate the appetites of government officials. They carried out the sale of oil shares in four lines of the profit and loss statement of the state company: income from the sale, income from accumulated revaluation of shares, cost of the sold share and payment of money received from the sale of Rosneft shares to the budget. Sly top managers, instead of transferring to the budget, indicated 692 million rubles received from the transaction as part of other expenses, and with a flick of the wrist state-owned Rosneftegaz unexpectedly received losses in the amount of about 400 million rubles. This gave the state corporation the right not to pay the dividends due to the Ministry of Finance. The cherry on the cake in the work of Rosneft's top management was the resale of a 000% stake in Rosneft by the original buyers of the Chinese company CEFC (Huaxin).
If you call a spade a spade, “effective managers” heated the state in the person of the Ministry of Finance and transferred part of the national property to Chinese “friends”. And how did they answer for their activities?
In 2017, 11 melting members of the state corporation Rosneft received bonuses in the amount of 3 rubles.
Apparently, the top management of Rosneft is not going to stop on its achievements in the development of the Russian economics. The head of Rosneft, Igor Sechin, as an old friend, asked Russian President Vladimir Putin to provide the company entrusted with him with regular tax benefits of 145 rubles a year. Sechin notes that the profitability of oil companies has worsened (why, with such a leadership?) And laments that the Russian government has not agreed on new measures to support oil workers.
Igor Sechin suggested stimulating Rosneft through a partial transition to a tax on additional income from a mineral extraction tax, but how exactly this can be done, the head of the company kept secret. The head of state has so far suggested that the Government study Sechin’s ideas.
Based on past experience, one can expect new creative schemes from “effective managers”.
- Sergey Marzhetsky
- https://dp.ru/
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