Yet Norilsk, as a privately owned national champion, is a slightly different case. As Chris Weafer, chief strategist at Sberbank-CIB, notes, the debilitating, four-year power struggle has left the company “in a rut. Resolving it could help Norilsk move forward, receive new state licences for developing deposits and start fulfilling its potential as a Russian BHP Billiton.
然而,私有的国家冠军企业诺里尔斯克的情况稍有不同。俄罗斯联邦储蓄银行(Sberbank-CIB)首席策略师克里斯·威弗(Chris Weafer)指出,四年的权力纷争让该公司陷入“停滞。解决这个问题,就可能推动诺里尔斯克向前迈步,获得新的国家执照,开发矿藏,开始实现其作为“俄罗斯必和必拓的潜力。
Raising Norilsk’s dividend payout could also reinforce the government’s attempts to do the same at state-controlled companies, not least Rosneft. That, in turn, could help close the gap in dividend payout rates between Russia and other emerging markets and give a boost to its flagging stock market.
提高诺里尔斯克的股息支付率,也可能促使政府在国有控股企业做出同样的努力,尤其是俄罗斯石油公司。这进而有助于缩小俄罗斯和其他新兴市场国家之间在股息支付率上的差异,提振该国疲弱的股市。
But should the Norilsk case be resolved in this way, it would send negative messages, too. It shows that the Kremlin remains the only effective arbiter in such tycoon stand-offs. Without a properly independent court or arbitration system, there?are?few?other?ways?of settling disputes – apart from contracting out the job to an external venue such as London’s High Court, which oligarchs have increasingly been doing. But Mr Putin has signalled he prefers disputes to be settled in Russia.
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