Transneft Says Higher Dividends Would Deprive Orphans, Sick
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OAO Transneft, Russia’s monopoly pipeline operator, says paying more dividends would curtail aid to orphans and other charity work.
Transneft made 3.2 billion rubles ($112 million) of charitable contributions in 2009, 7.8 times more than the dividends it paid to private investors, according to the company’s financial reports. That spurred preferred shareholders such as Prosperity Capital Management Ltd. and East Capital to demand more information as they seek a larger slice of profit.