Sergey Chemezov asked for money from Vladimir Putin for airplanes

Rostec needs 300 billion rubles to recapitalize the United Aircraft Corporation.
Rostec's CEO Sergey Chemezov asked the President of Russia Vladimir Putin for 300 billion rubles. from the budget for the recapitalization of the United Aircraft Building Corporation (UAC), which the authorities transferred to Rostec last year. The funds will go to cover losses of past years and the creation of medium-haul aircraft MS-21. At the beginning of the year, the KLA tried to attract private investors to its civil division to finance the creation of the vessel, but until the end of the financial recovery of the KLA such a scenario seems unlikely.

The head of Rostec, Sergey Chemezov, presenting Vladimir Putin the annual report of the state corporation, announced the need for 300 billion rubles. budget funds for the financial rehabilitation of the KLA. Aircraft Corporation since last year is in the process of integration into "Rostec". As follows from the transcript of the meeting on the Kremlin’s website, Vladimir Putin was the first to ask about the corporation’s need for budget money when it came to integrating the KLA.

“First of all, this amount is necessary for us to implement MS-21 programs and other civil projects.

The need for additional capitalization remains, as you correctly noted, on the part of the state. Here, of course, we are counting on your support, ”Mr Chemezov replied.

He added that the KLA today serves a large amount of loans received in the early 2000s. “We, of course, service these debt obligations, that is, we pay the interest rate, but the problem will be with the return of the loans themselves,” said Sergey Chemezov.

The website of the state corporation states that the aviation cluster will become the most powerful in the structure of Rostec, its total annual revenue will exceed 1 trillion rubles.

In the public field information about the financial problems of the KLA appeared in the autumn of 2018 (see “Kommersant” of October 5, 2018). The audit chamber during the audit revealed an increase in the cost of the MS-21 project from 125 billion rubles. in 2008 to 438 billion rubles. In addition, the operating activities of Irkut Corporation PJSC have a deficit of 197 billion rubles.

At the beginning of 2019, large state-owned banks, Sberbank, VTB and VEB, tried to attract major financial banks to close the financial gap in the KLA. About this spoke on the forum NAIS-2019 the head of the UAC Yuri Slusar. However, after a few months, Sergey Chemezov said that before attracting investors to the civil division, it is necessary to conduct a financial rehabilitation of the asset.