MOSCOW, July 12 - RAPSI. President Vladimir Putin signed a federal law today expanding the list of legal protections enjoyed by the Russian Technologies State Corporation (RTSC), with particular regard to the period when assets have not yet been incorporated into its charter capital.
The parliament’s lower house adopted the bill on June 22, and the upper house passed it on June 27.
RTSC officially identifies as a state corporation aimed at assisting in the development, production, and export of advanced-technology industrial products. When it was established by presidential decree in 2007, RTSC was intended to incorporate approximately 250 state-owned companies and joint-ventures. It has grown rapidly in the years since, absorbing 442 reformed and restructured entitis in a wide array of sectors ranging from defense to aviation. It has also established 27 holding companies in the civil and defense sectors. These entities span 52 regions. RTSC personnel amounts to 900,000. The corporation received widespread criticism in 2008 when it took control of Russia’s only authorized arms dealer, Rosoboronexport. RTSC critics maintain concern with the corporations rapid growth and with the privatization implications of its absorption of public entities.
The new law provides an auditing procedure for these entities prior to their addition to the corporation’s charter capital.The corporation is now entitled to issue additional shares if its charter capital is increased and it will no longer require a special law on transferring the shares, as the current legislation prescribes.