Today Kommersant business daily (Moscow) has published an article headlined Investigative Committee of Russia Lets No ToAZ Money Go Abroad reprinted by numerous media. The article reports on the alleged successful prevention by investigative and legal bodies of transferring abroad the funds intended for payment of dividends to some of the Togliattiazot shareholders.

Press service of Togliattiazot has been perplexed about the extremely low level of journalism in one of the leading business publications. In particular, paragraph 2 of article 42 of the Russian Law On Mass Media № 2124-1 dated 27.12.1991 binds journalists to verify the authenticity of information. Should the Kommersant reporters responsibly have checked information, they would notice that the decision on non-payment of dividends for 2014 was made by the Annual General Shareholders’ Meeting on June 12, 2016. The same decision was made by AGM with regard to dividends for 2015 on the same day. The information about the decisions of the AGMs was duly published both at the official website of OJSC Togliattiazot and at the official website for disclosure of corporate information e-disclosure. It was decided to allot the funds to further finance the program of the plant’s upgrading, and CEO of CJSC Corporation Togliattiazot spoke about it in an interview with the same Kommersant on August 2, 2016.

It is worth mentioning that the information in question could be easily checked with OJSC Togliattiazot press service. However, it is not the first time that Kommersant ignores such a possibility.

Togliattiazot press service calls the attention of all interested parties and media to the fact that the decisions of non-payment of dividends for 2014 and 2015 were approved by AGMs of the company. We also invite all media to request explanations and comments from the press service of OJSC Togliattiazot.

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