STATE PROPERTY OFTEN MISMANAGED, WARNS AUDITING CHAMBER

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MOSCOW, November 10 (RIA Novosti) - Russia's state property is all too often mismanaged, warns the federal Auditing Chamber.

"We don't think present-day state property management is efficient enough. Thus, a register of effectiveness indices has not been introduced to this day, and a state property roll is still in the making," auditor Vladislav Ignatov said to a news conference in Moscow.

As the Chamber deems proceeding from its many managerial checks, a majority of problems stem from government functionaries' and offices' lack of efficiency. "It takes the fingers of one hand to count the companies who are really building up capital and properly make deductions to the federal purse."

State-owned sports facilities are a crying instance of mismanagement, pointed out the expert.

The Auditing Chamber is determined next year to inspect recent merger of the Rosneft petroleum mammoth with the Gasprom gas export monopoly. "We shall check the practical arrangements of the deal next year," Mr. Ignatov said to Novosti as its reporter asked him whether Chamber experts were taking part in evaluating involved assets. The Chamber has not been authorised to make expertise of related asset evaluation, he added.

The Auditing Chamber made a Gasprom check this year, and will be through with a Rosneft check before the year's end. The results will be made public late in December.

As for the merger itself, the acting legislation bans state exchange of the entire Rosneft stock for Gasprom blocks held by the latter's affiliates, pointed out the auditor. "There is no exchange for the state block, as the law has it." The transaction can be made only if the Privatisation Law is amended or a loophole is found.

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