Official: UAC not in good shape, needs 240–250 bln rbl more money

ABU DHABI, Feb 18 (PRIME) -- Russia’s United Aircraft Corporation (UAC) is not in a good shape and needs 240–250 billion rubles of additional funds, Sergei Chemezov, CEO of UAC’s parent company Rostec, told reporters on Monday.

“We are now conducting an audit of the company, and it does not look well frankly speaking…It needs about 240–250 billion rubles of additional funds. The money should go on development, on creation of new products, on MC-21, on upgrades of existing plants. This is probably the reason for us to rearrange and split the civil and the military divisions so that we don’t put our civil production under the fire of sanctions,” he said.

Still, one should put things in a company into order before attracting investors to any production, including UAC, he said.

(66.7044 rubles – U.S. $1)

End