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Rusnano Bill Passes in First Reading

A bill ordering the reorganization of Rusnano, which will be the first state corporation to become a joint-stock company, passed in a first reading in the State Duma on Friday.

The bill, drafted by United Russia deputies Yevgeny Somoilov and Khafiz Salikhov, says 100 percent of the shares of the newly formed company would initially be property of the state.

If the bill is passed, Rusnano must develop a plan for its reorganization and present it to the government within four months of the law taking effect.

Economic Development Minister Elvira Nabiullina said in March that Rusnano would be followed by Russian Technologies and Vneshekonombank.

President Dmitry Medvedev called for a reform of state corporations, a brainchild of his predecessor, Vladimir Putin, in 2009, saying their model encouraged corruption.

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