11 November 1998
DAILY REVIEW FROM TATARSTANReason For Freeze Of Aq Bars Bank's License Given
The Executive Board chairman of Aq Bars Bank, Mudaris Idrisov, said in an interview with Tatar state television channel on 10 November that the bank's failure to fulfill an agreement it had with the Kazan Gorbunov Aviation Industrial Association and the Moscow Textile Company was the reason for the freeze on the bank's license. The Russian Central Bank froze the Aq Bars Bank's license to take part in the securities market from 28 October to 25 December 1998. According to the agreement, signed in 1997, the textile company had to attract investments to the aviation plant in exchange for promissory notes for the enterprise. In the case that the plant became insolvent, the Aq Bars Bank was obliged to assume its debts. The textile company, in Idrisov's words, failed to attract the investments. It has, however, sold the promissory notes on the securities market. A Moscow bank has appealed in court to recover these promissory notes, and the Central Bank considers that reason enough to freeze the license of the Aq Bars Bank, Tatar state television reported on 10 November.
Deputy Premier: Tatarstan Does Not Need Humanitarian Aid
Tatarstan does not need any humanitarian help, Deputy Prime Minister Ilgiz Khairullin told the press on 10 November. Officials from the Trade and Consumer Services Ministry and the Agriculture and Food Stuffs Ministry were also at the press conference, which addressed the government's efforts to maintaining sufficient food supplies in the Republic. The reasons for the current crisis, which has been aggravated by a sharp rise in butter prices (which, are reportedly connected to the illegal export of butter from Tatarstan. However, it was announced that butter will not be rationed because the quantity of its production has not fallen considerably. Additionally, the government said it is trying to import butter.
Tatarstan Interior Ministry and ICL To Cooperate
The Tatar Interior Ministry and the ICL company have signed an agreement to cooperate in the sphere of information and telecommunication technologies, Tatar state radio reported on 10 November. According to the agreement, ICL will carry out the design, development, delivery and introduction of the equipment, as well as provide consultation for ministry employees.
Oil Industry Workers Discuss Oil Extracting Prospects In Tatarstan
Support for domestic goods manufacturers as regards Tatarstan's oil extracting sector were discussed in a round table on 10 November in the town of Elmet, Tatar state television reported. The introduction of new technologies, and further development of the republic's western and northeastern areas were named as ways to increase the amount of oil extracted in Tatarstan. Recent changes in taxation, according to which taxes are raised depending on the market prices for petroleum, were deemed necessary during the discussion.