Going through the motions – January 2012

It appears that the government has decided to appear to be combatting corruption, instructing state-controlled companies to disclose all beneficiaries. This information should be submitted to the Energy Ministry, Ministry of Transport, Ministry of Finance and Ministry for Press and Communications by February 2012.

State companies and banks must also introduce by 14 January 2012 amendments to in-house regulations so that they only conclude new contracts with contracting parties that agree to disclose their ownership structure and terminate existing contracts if contracting parties refuse to disclose this structure.

For some reason Rusnano and Russian Technologies are not subject to these rules, however, so there are already signs that corruption will not be curbed. Furthermore, even the state authorities admit now that they don’t know how they will check the data that are submitted!

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