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Kremlin transferring stock & management of Kalashnikov Group to private sector.

Europe Security News , Russia-ak-47-st

Europe Security News , Russia-ak-47-st

The Kremlin will privatise a stake in the company that produces the Kalashnikov assault rifle, as part of wide-ranging reforms to its domestic arms industry.

Rostekhnologiya or Rostek (Russian Technologies), the state concern that owns most weapons makers, has agreed to sell just under half of its interest in the Kalashnikov Group to two private buyers, Alexey Krivoruchko and Andrey Bokarev. They will pay $41m for the 49 per cent stake, and are reported to have agreed to invest $78m over the next two years.

Alexander Golts, deputy editor of Yezhdnevnyy Zhurnal, an internet newspaper, said about President Putin´s involvement in this case “I think it was a direct order to these businessmen to buy this plant,” said Mr Golts. “It’s just a method to get rid of something you don’t need,” he said, adding that the Russian government already has 17m Kalashnikovs in stocks and did not need any more.READ STORY HERE