Published: 9/25/1998

Another Transaero Airlines' shareholders meeting took place at the company's office at Sheremetievo airport on 14 August. According to the airline's press-centre, participants in the venue hold 96% of Transaero shares. The only relatively large shareholder not to take part was joint stock company Aeroflot-Russian International Airlines", which owns about 3% of Transaero's shares. Again, as it had been on the previous meeting on 24 July, due to a conflict of views between certain groups within the company, no decisions were taken on the major topics on the meeting's agenda. Shareholders did not even validate the company's balance sheet for 1997. As a result the board of directors, elected last year, continues to function. Operational activities of the company are carried out by the general director Nikolai Kozhevnikov and chairman of the directors board, Aleksandr Pleshakov. The Russian media claims that the situation in Transaero was caused by the concerted actions of the financial factions close to famous Russian politicians and financier Boris Berezovsky, the founder of the powerful LogoVAZ group. Three years ago this group took leading positions in ARIA. Commersant Daily newspaper claims that Berezovsky's team controls 55% of Transaero shares, being held by the United Bank, LogoVAZ, the United Financial Corporation, Prince-motor and Ratmir-Plus. This group had its own, "dark shareholders' meeting" on 8 August, which "elected" a new board of directors. It is expected that the two opposing forces in Transaero will continue to fight in the court. (AL998.1) (VK)

Article ID: 279