Sellers of Shares
to Voucher Funds



data Data and Source

A survey of managers of Russian voucher privatization funds indicates that other voucher funds are the most active sellers of shares to voucher funds. Managers rarely sell their shares, and 43.5% of funds surveyed reported that management prevents workers from selling shares. In addition, 27.8% of the funds surveyed indicated that they experienced difficulties with regards to management registering share transfers in the shareholder register. These kinds of problems are as significant to funds that seek to increase their shareholdings as the problem of securing capital, and perhaps even more so for large voucher funds (the top quartile in terms of size), for which only 22.2% noted difficulties with a lack of capital. The concentration of share trading among voucher funds indicates the institutional weakness of the share market.


topic Enterprise Restructuring in the FSU