National News

Automobile Transportation and Forwarding Company introduces golden share

Vitebsk-based Automobile Transportation and Forwarding Company wants to improve its poor financial situation with the help of the state, company’s director Andrei Pravilov told BelTA when commenting on governmental resolution #997 on introduction of the golden share.

According to him, the state has the right to manage the company within five years. Before the introduction of the golden share, an interdepartmental commission considered the case of exempting juridical entities and sole traders from penalties under the administrative law. As a result, the commission decided to write off the Br 300m fine for non-payment of taxes.

Andrei Pravilov said that the company has been in the red with the trucks as old as 15 years which requires additional expenses on repair and maintenance. In connection with that the company has developed an action plan to improve the situation. First, it will get a loan to buy new trucks and to extend the list of its secondary activities, such as renting premises and parking lots, car repair.

The golden share is introduced in exceptional cases in specific companies for a certain term and within the responsibility of the issuing body. Since the foundation of the share in 2004, it has been introduced at more than ten companies.

Automobile Transportation and Forwarding Company is involved in the international cargo transportation. It is part of the Belavtomagistral Group.