Unconfirmed reports that Rubtsov may have passed control(396 words)

Published: 3/30/2001

The announcement of the government decision to support aircraft leasing has opened the market for a number of potential leasing providers to strut their stuff. The excitement further added to by the statement from Deputy Prime Minister Ilya Klebanov that the state banks would participate in the latest Ilyushin Finance Company proposed transaction of 16 aircraft with 10-12 year money at 13-14%. Aeroflot and Sibir announced their intention to participate in the last couple of days as the airline friendly leasing company. Ilyushin Finance Company however, whose General Director Alexander Rubtsov, has led the campaign to pressure the government into taking action on leasing. Appear to have confirmed the reports that a high profile the organization was substantially under financed to undertake its possible commitments to the recently announced orders for 10 Tu-204s and 6 Il-96-300s for Transaero and Atlant Soyuz. It had therefore been reported to be desperately seeking support from a number of possible investors including the state banks, and had recently been canvassing investors for investment. These following moves late last year that proposed that Ilyushin should increase their stake in IFC, a move blocked according to reports, by Genrikh Novozhilov, Ilyushin's Chairman and General Designer. It appears, after a series of vague unconfirmed media reports relating to the potential ownership and control of the IFC led structures, that Rubtsov has offered the government control of the company. It is unclear at this point whether the government is paying for the holding in IFC reported to be owned by Ilyushin,National Reserve Bank and a number of individuals including Rubtsov and Victor Livanov , the General Director of Ilyushin. It also uncertain at this point what effect a changes of control may have on the future of the Ilyushin Finance owned Il-96T at Zukovsky, which according to reports has been grounded due to lack of funds to pay insurance premiums to fly to VASO for preparation for delivery to Aeroflot. Other possible participants in the tender are likely to be the Financial Leasing Company supported by the Tartarstan Government, which recently announced in conjunction with the Rossiya-Pulkovo Alliance and a number of other parties a leasing company for the leasing of Tu-214s for with government guarantees. Other suggested participants are the Leader Group, who have been involved in the leasing of Tu-154s and the Aircraft Leasing System, who have involvement in leasing aircraft to Iran.

Article ID: 2454