03:35 GMT +324 March 2018
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    MOSCOW, February 24 (RIA Novosti) - The head of the Russian Audit Chamber, Sergei Stepashin, proposed to compile a register of financial reliability of the enterprises earmarked for financial rehabilitation.

    This document must serve as a basis for the system of state control of the economic activity of strategically important and also defense enterprises, Sergei Stepashin said on Tuesday at the Moscow conference devoted to the results of the first year of the functioning of the Russian Law on Insolvency (Bankruptcy).

    In the opinion of the leadership of the chief controlling body in Russia, the state monitoring of the financial reliability of such enterprises must be carried out by the Federal Financial Rehabilitation Service and also by regional and municipal bodies of financial control.

    Sergei Stepashin said that in the end of last year the Audit Chamber checked the efficiency of activity of the Federal Financial Rehabilitation and Bankruptcy Service in 1988-2002. This checking showed that the state sustained tremendous losses in the process of bankruptcy of state unitary enterprises. Great tax and credit debts were written down, Stepashin said. The heads of the enterprises, according to him, concluded deals aimed at withdrawal of state property from the assets of state enterprises.

    Up to now the bankruptcy procedure is used by unconscientious entrepreneurs to get rid of rivals, to create an artificial deficit of some or other products, and even for political aims, that is, for creating instability in society, said the head of the Russian controlling agency.

    According to him, "the transition from corrupted business to the efficient system of financial rehabilitation is one of the important ways towards doubling the Gross Domestic Product."

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