Russian Weapons Maker Kalashnikov Acquired By Former Authorities Official

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MOSCOW: A former Russian deputy transport minister has acquired a controlling stake in weapons maker Kalashnikov, the corporate stated on Friday.

Alan Lushnikov, who served as deputy transport between 2017 and 2018, has acquired a 75% stake minus one share in Kalashnikov by way of a agency known as TKH-Make investments.

Lushnikov acquired the stake from Deputy Defence Minister Alexei Krivoruchko, who was among the many high-ranking Russian officers hit with European Union sanctions final month over the poisoning of Kremlin critic Alexei Navalny.

State conglomerate Rostec owns the remaining 25% plus one share in Kalashnikov.

The arms maker has been beneath U.S. sanctions since 2014, within the wake of Moscow’s annexation of Crimea from Ukraine and its assist for pro-Russian separatists within the nation’s east.

Kalashnikov didn’t disclose the phrases of the deal.

A monetary market supply advised Kommersant newspaper that the deal might be value as a lot as 1 billion roubles ($12.91 million).

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