Rus News Journal

In Siberia there will be gold certificates

“ Sibtrastinvest “ intend to provide foreign investments

Siberian trastovaja investment corporation “ Sibtrastinvest “ declared yesterday creation together with the American corporation Novecon Ltd. The Siberian fund of the development attraction of foreign investments into Siberia becomes which purpose. Along with ordinary actions the fund intends to emit and nonconventional enough securities for the Russian commercial structures - “ gold “ certificates.

As the president of joint-stock company " has informed; Sibtrastinvest “ Nikolay Terekhov, fund is created with a view of maintenance of economic guarantees for attraction of foreign investments on the security in the form of securities: actions and “ gold “ certificates. By words g - on Terekhov, the authorised capital “ Cθαθπρκξγξ development fund “ Will make $200 thousand Size of the first issue in 1994 - $10 million in the form of actions and $40 million in the form of certificates.
founders of fund which is not registered yet, the American companies Wallington Financial and Grosvenor Ltd intend to act. Founders from the Russian side - the Moscow consulting centre “ the Optimum “ and joint-stock company “ Sibtrastinvest “.
the Necessary condition for acquisition “ gold “ the certificate purchase of the action of fund is. “ gold “ the certificate turns out each buyer of the action with absolute discount from cost of the certificate which is equal to the current quotation 1/ 10 trojskoj to ounce (nearby 3,1) gold in London. The certificate should serve as an additional guarantee for the investor. Half of issue of actions and “ gold “ certificates other half - in Russia will extend in the USA. Selection of investment projects as in Russia, and will carry out abroad investment committee at a fund management company. From the American side issue and distribution of actions will be incurred by Nju - Jorksky corporate bank and company Wallington Financial, with Russian - the Moscow consulting centre “ the Optimum “ and joint-stock company “ Sibtrastinvest “. As authors of the project assume, after approval in June of the prospectus of issues by the Ministry of Finance and the Central Bank will take place registration of fund and placing of securities will begin.
it is necessary to notice that, according to experts, so short terms of the beginning of placing of actions of fund raise the doubts. Besides the legal issues demanding to serious study connected with simultaneous placing of papers both in Russia, and to the USA, the Ministry of Finance hardly will quickly dare at registration of enough unusual prospectus of issue.

HOPE - JAHOTINA, VICTOR - TITOV