The state Duma of the Russian Federation
The Russian direct investment Fund (RDIF), now controlled Vnesheconombank (VEB), will be converted into a separate company, the sole shareholder of which will be the state the draft law developed by the heads of three “economic” of the state Duma committees (on economic policy, financial market and ownership issues), already introduced in Parliament.
In the explanatory note to the document notes that the new law will help to develop “instruments of state to stimulate foreign and domestic investment” in the acquisition of RDIF “appropriate status”.
“The experience of foreign countries shows that the generally accepted world practice is the creation of investment funds as separate instruments of the state investment policy, many of which operate under separate legislative or governmental acts,” the authors of the bill.
The current head of RDIF Kirill Dmitriev also praised the bill, explaining that its adoption would bring the FUND into line with “best international practices”.
“It makes the investment process more transparent, the process of controlling us even more transparent,” — said Dmitriev, assuring that the change of status of the Fund will not affect existing relationships with partners. “All of our relations and partnership will move into a new structure, and any difference for our partners”, — said Dmitriev (quotes “RIA Novosti”).
Responding to a question about whether the change of status of FUND to remove the Fund, Western sanctions, Dmitriev said he did not expect “significant changes in the restrictions”.
Earlier on Monday, Vedomosti, citing its sources reported that the RDIF will make an independent structure in relation to the complex situation in the Bank.
“VEB is almost in the verge of bankruptcy, although the risk is already lower, and rfpi — efficient company; they should not drown together”, — explained the edition a senior official. He noted that the Fund has become a much more successful project than the web. This, he said, is connected with built-in protection from lobbyists — required the participation of co-investors interested in profit.
Close to VEB told the people that the office of the Fund is part of a major restructuring of state-owned companies. In addition, the official said, avoiding VEB can help to remove the sanctions from the Foundation, which came under them, as the “daughter” of the Corporation. The interlocutors of the newspaper did not rule out that under VEB’s will and others, such as Export Agency (Exiar).