Sales of 50% of Tolmachevo Airport in Novossibirisk causes friction between region and state

Published: 8/25/1999

According to the Novossibirsk Region, the 50% state holding in Tolmachevo Airport is to be sold at an auction in two lots of 25% each. The tender is planned for October, but in the Novossibirsk Committee of State Property Management (KUGI) considers that the auction may take place only if approved by the RFFI (Russian Fund of Federal Property). The state transferred 51% of Tolmachevo stock to the Regional administration in summer 1996, but this transfer was later cancelled on January 19th 1999, and the holding was to be returned to the federal property. The reason for the reversal, according to reports, is that Novossibirsk Region did not pay the Ministry of Finance the agreed 72m rubles for the controlling stake in the airport. The local authorities now claim that, over the last three years, they have invested more than 70m rubles in the development of Tolmachevo, and these investments should be considered as offsetting payments owed to the federal administration.

Article ID: 787