USC prepared documentation for financial recovery programme
The decision is to be made by a commission headed by Deputy Prime Minister Denis Manturov
United Shipbuilding Corporation (USC) has submitted documents for implementation of a programme for financial recovery, Interfax cites Victor Yevtukhov, Deputy Minister of Industry and Trade, as telling journalists. According to him, the calculations have passed the required expertise. The decision will later be made by a commission headed by Deputy Prime Minister Denis Manturov.
“Additional capitalization is needed to ensure that USC as a whole and its numerous shipyards can effectively build a wide range of civilian ships and warships while being able to borrow from banks for the modernization of facilities. A financial support is needed to deal with the debts of the corporation," Victor Yevtukhov explained, adding that "the decision will be made by the commission and the country authorities."
In August 2022, at a meeting on the development of the shipbuilding industry, Russian President Vladimir Putin criticized Alexey Rakhmanov, Head of United Shipbuilding Corporation, for conclusion of loss-making contracts. Deputy Prime Minister - Head of the Ministry of Industry and Trade of the Russian Federation Denis Manturov then reported that by December 2022 it was planned to conduct a financial audit of the debt accumulated by United Shipbuilding Corporation in the civil shipbuilding segment.
