SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
Golden Telecom, Inc.
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(Name of Issuer)
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
38122G107
(Cusip Number)
Vladimir Ivanovich Androsik
Open Joint Stock Company Long-Distance and
International Telecommunications "Rostelecom"
Russia, 125047, Moscow, ul. 1st Tverskaya-Yamskaya, 14
+7 095 200 5750
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 5, 2002
--------------------------------------------
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. Seess.240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on following page(s))
Page 1
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CUSIP No. 13D Page 2
38122G107
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1.
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
TELECOMMUNICATION INVESTMENT JOINT-STOCK COMPANY
------------ -------------------------------------------------------------------
------------ -------------------------------------------------------------------
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)[_]
*(b)[X]
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3.
SEC USE ONLY
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4.
SOURCES OF FUNDS
Not applicable
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5.
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e)
[-]
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6.
CITIZENSHIP OR PLACE OF ORGANIZATION
RUSSIAN FEDERATION
-------------------------------------------------------------------
------------------------- ------- ----------------------------------------------
NUMBER OF 7.
UNITS SOLE VOTING POWER
4,024,067*
------- ----------------------------------------------
------- ----------------------------------------------
BENEFICIALLY 8.
OWNED BY SHARED VOTING POWER
0
------- ----------------------------------------------
------- ----------------------------------------------
EACH 9.
REPORTING SOLE DISPOSITIVE POWER
4,024,067*
------- ----------------------------------------------
------- ----------------------------------------------
PERSON WITH 10.
SHARED DISPOSITIVE POWER
0
------------------------- ------- ----------------------------------------------
------------ -------------------------------------------------------------------
11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,024,067
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12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[-]
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13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.0%
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14.
TYPE OF REPORTING PERSON
OO; HC
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* See Items 5 and 6.
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CUSIP No. 13D Page 3
38122G107
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------------ -------------------------------------------------------------------
1.
NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
OPEN JOINT STOCK COMPANY LONG-DISTANCE AND INTERNATIONAL
TELECOMMUNICATIONS "ROSTELECOM"
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------------ -------------------------------------------------------------------
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)[_]
*(b)[X]
------------ -------------------------------------------------------------------
------------ -------------------------------------------------------------------
3.
SEC USE ONLY
------------ -------------------------------------------------------------------
------------ -------------------------------------------------------------------
4.
SOURCES OF FUNDS
OO
------------ -------------------------------------------------------------------
------------ -------------------------------------------------------------------
5.
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e)
[-]
------------ -------------------------------------------------------------------
------------ -------------------------------------------------------------------
6.
CITIZENSHIP OR PLACE OF ORGANIZATION
RUSSIAN FEDERATION
-------------------------------------------------------------------
------------------------- ------- ----------------------------------------------
NUMBER OF 7.
UNITS SOLE VOTING POWER
4,024,067
------- ----------------------------------------------
------- ----------------------------------------------
BENEFICIALLY 8.
OWNED BY SHARED VOTING POWER
0
------- ----------------------------------------------
------- ----------------------------------------------
EACH 9.
REPORTING SOLE DISPOSITIVE POWER
4,024,067
------- ----------------------------------------------
------- ----------------------------------------------
PERSON WITH 10.
SHARED DISPOSITIVE POWER
0
------------------------- ------- ----------------------------------------------
-------------------------------------------------------------------
11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,024,067
------------ -------------------------------------------------------------------
------------ -------------------------------------------------------------------
12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES
[-]
------------ -------------------------------------------------------------------
------------ -------------------------------------------------------------------
13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.0%
------------ -------------------------------------------------------------------
------------ -------------------------------------------------------------------
14.
TYPE OF REPORTING PERSON
OO
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* See Items 5 and 6.
Item 1. Security and Issuer.
This Schedule relates to the shares of common stock, par value $0.01 per share
(the "Shares"), of Golden Telecom, Inc., a Delaware corporation ("Golden
Telecom"). The principal executive offices of Golden Telecom are located at c/o
Representation Office Golden Teleservices, Inc., 12, Trubnaya Ulitsa, Moscow,
Russia 103045.
Item 2. Identity and Background.
This Schedule is being filed by each of the following persons (collectively,
the "Reporting Persons"):
- Telecommunication Investment Joint-Stock Company ("Svyazinvest"), and
- Open Joint Stock Company Long-Distance and International Telecommunications
"Rostelecom" ("Rostelecom").
Svyazinvest holds 50.67% of voting shares of Rostelecom and 9 of the 11
directors of Rostelecom are designees of Svyazinvest. Accordingly, Svyazinvest
may be deemed to be the beneficial owner of the Shares directly held by
Rostelecom. Svyazinvest disclaims such beneficial ownership.
Svyazinvest:
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State of organization: Russian Federation
Principal business: holding company (engaged, through its
subsidiaries and affiliates, in the
provision of all types of telecommunication
services)
Principal business address: 55 ul. Plyuschikha, bldg. 2 Moscow, 119121,
Russia
Rostelecom:
----------
State of organization: Russian Federation
Principal business: long-distance and international
communications, radio and television
broadcast and data transfer
Principal business address: 14 ul.1st Tverskaya-Yamskaya, Moscow,
125047, Russia
Information regarding the directors and officers of each of the Reporting
Persons is set forth in Schedule A hereto and is incorporated herein by
reference.
During the past five years, none of the Reporting Persons and, to the best of
the Reporting Persons' knowledge, no other person identified in response to this
Item 2 has been (a) convicted in a criminal proceeding or (b) a party to any
civil proceeding as a result of which it or he has been subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws, or finding
any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
On March 13, 2002, Rostelecom, SFMT-CIS, Inc. and Limited Liability Company
"TeleRoss" (entities controlled by Golden Telecom) entered into an Ownership
Interest Purchase Agreement ("Purchase Agreement"), whereby on September 5,
2002, Rostelecom acquired 15% of the outstanding Shares, cash and a promissory
note in exchange for Rostelecom's 50% ownership interest in Limited Liability
Company "EDN Sovintel". See Item 6 for a description of the Purchase Agreement.
The foregoing description of the Purchase Agreement is qualified in its
entirety by reference to the text of the Purchase Agreement, which is attached
hereto as Exhibit 1 and incorporated herein by reference.
Item 4. Purpose of the Transaction.
The information set forth in Items 5 and 6 hereof is hereby incorporated by
reference into this Item 4.
The Reporting Persons have acquired the 4,024,067 Shares of Golden Telecom
solely for investment purposes. Rostelecom has entered into the Shareholders
Agreement (as described in Items 5 and 6 hereof), which contains certain
provisions for the nomination and removal of the directors of Golden Telecom,
and the Standstill Agreement (as described in Items 5 and 6 hereof), which
contains certain provisions relating to business combinations, proxy contests
and the acquisition of securities of Golden Telecom. Pursuant to the
Shareholders Agreement, Rostelecom has the right to appoint two directors, one
of whom is to be an Independent Director (as defined in the Shareholders
Agreement), to the Board of Directors of Golden Telecom. The Reporting Persons
reserve the right to acquire, or cause to be acquired, additional securities of
Golden Telecom, to dispose of, or cause to be disposed, such securities at any
time or to formulate other purposes, plans or proposals regarding Golden Telecom
or any of its securities, to the extent deemed advisable in light of general
investment and trading policies of the Reporting Persons, market conditions or
other factors.
Item 5. Interest in Securities of the Issuer.
(a) (i) Rostelecom directly owns 4,024,067 Shares of Golden Telecom, which
represents approximately 15.0% of the outstanding common stock of Golden
Telecom.
(ii) As a result of its relationship with Rostelecom, Svyazinvest may be
deemed the beneficial owner of the 4,024,067 Shares of Golden Telecom owned by
Rostelecom. Svyazinvest disclaims such beneficial ownership.
(iii) Golden Telecom, Rostelecom, Alfa Telecom Limited, a company
incorporated in the British Virgin Islands ("Alfa Telecom"), Capital
International Global Emerging Markets Private Equity Fund, L.P., a Delaware
limited partnership ("CIG"), Cavendish Nominees Limited, a limited liability
company organized and registered under the laws of Guernsey ("Cavendish") and
First NIS Regional Fund SICAV, a private institutional fund organized and
registered under the laws of Luxembourg ("First NIS Fund" and, together with
Cavendish, "Barings") entered into a Shareholders Agreement, dated as of
September 5, 2002 (the "Shareholders Agreement"), and a Standstill Agreement,
dated as of September 5, 2002 (the "Standstill Agreement"). See Item 6 for a
description of the Shareholders Agreement and the Standstill Agreement.
Based on the most recent Schedule 13D filings by each of Alfa Telecom, CIG,
First NIS Fund and Cavendish, dated as of September 9, 10 or 11, 2002, such
entities may be deemed to beneficially own the following numbers and percentages
of the outstanding Shares: Alfa Telecom - 10,731,707 (40.00%); CIG - 2,166,405
(8.10%), Cavendish - 1,844,469 (6.90%) and First NIS Fund - 723,907 (2.70%).
To the best of the Reporting Persons' knowledge (and based in part on the
Schedule 13D filings described in the foregoing paragraph), as of September 5,
2002, Rostelecom, Alfa Telecom, CIG, Cavendish and First NIS Fund, in the
aggregate but not individually, may be deemed to beneficially own 19,490,555
Shares (72.7% of Golden Telecom). Each of the Reporting Persons disclaims
beneficial ownership of all Shares of Common Stock beneficially owned by Alfa
Telecom, CIG, First NIS Fund and Cavendish, and the filing of this Schedule
shall not be construed as an admission that any of the Reporting Persons or any
other person named in Item 2 hereof forms a "group" (as such term is defined in
Section 13(d)(3) of the Securities Exchange Act of 1934 and Rule 13d-5 under
such Act) with, or is the beneficial owner of any Shares beneficially owned by,
Alfa Telecom, CIG, First NIS Fund and Cavendish.
(b) Rostelecom has the sole power to direct the voting and disposition of the
4,024,067 Shares. Based on its relation with Rostelecom, Svyazinvest may be
deemed to have the sole power to direct the voting and disposition of such
shares. Svyazinvest disclaims such beneficial ownership. To the best knowledge
of the Reporting Persons, none of the directors or executive officers listed in
Item 2 above is the beneficial owner of Golden Telecom Shares.
(c) Except as otherwise described in this Schedule 13D, none of the Reporting
Persons or, to the best knowledge of the Reporting Persons, any of the other
persons listed in Item 2 above, has effected any transactions in Shares in the
past 60 days.
(d) Not applicable, except to the extent shareholders of the Reporting Persons
have the right to receive dividends from either of the Reporting Persons.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with respect
to Securities of the Issuer.
Pursuant to the Purchase Agreement, Rostelecom purchased 15% of the Shares
(4,024,067 Shares) in exchange for Rostelecom's 50% ownership interest in
Limited Liability Company "EDN Sovintel". In addition to the Shares, Rostelecom
also received other consideration consisting of cash and a promissory note to
the total amount of US$56,000,000. The consummation of the sale and
purchase contemplated by the Purchase Agreement (the "Closing") took place on
September 5, 2002. At the Closing Rostelecom received title to 15% of the Shares
(4,024,067 Shares) in consideration for the transfer of its 50% ownership
interest in Limited Liability Company "EDN Sovintel".
Pursuant to the Subscription Agreement, dated as of September 5, 2002, between
Golden Telecom and Rostelecom, the value of each Share was deemed equal to
US$10.50 and the aggregate value of the Shares was deemed equal to
US$42,252,703.50. The foregoing description of the Subscription Agreement is
qualified in its entirety by reference to the text of the Subscription
Agreement, which is attached hereto as Exhibit 2 and incorporated herein by
reference.
Pursuant to the Registration Rights Agreement, dated as of September 5, 2002,
between Golden Telecom and Rostelecom, Rostelecom is entitled to request two
Demand Registrations for at least 1,000,000 Shares each at any time six months
after September 5, 2002. The foregoing description of the Registration Rights
Agreement is qualified in its entirety by reference to the text of the
Registration Rights Agreement, which is attached hereto as Exhibit 3 and
incorporated herein by reference.
Pursuant to the Standstill Agreement, Golden Telecom, Rostelecom, Alfa Telecom,
CIG, Cavendish and First NIS Fund agreed, among other things, not to (i) engage
in "business combinations" with Golden Telecom (within the meaning of such term
in Section 203 of the Delaware General Corporation Law), (ii) acquire Shares of
voting stock of Golden Telecom in excess of specified levels and (iii) engage in
proxy contests in respect of Shares of voting stock of Golden Telecom, in each
case for a period of two years following the date of the Standstill Agreement.
In addition, the Standstill Agreement grants to each of Rostelecom, Alfa
Telecom, CIG, Cavendish and First NIS Fund a limited pre-emptive right to
acquire its pro rata share of new securities (on a fully diluted basis) issued
by Golden Telecom from time to time during the term of the Standstill Agreement,
which expires upon the occurrence of any of the following: (i) the mutual
agreement of the parties thereto, (ii) the voluntary or involuntary filing of a
petition in bankruptcy by or against Golden Telecom, (iii) an event of
insolvency affecting Golden Telecom, or the appointment of a receiver for Golden
Telecom or (iv) on the second anniversary of the date of the Standstill
Agreement.
Golden Telecom, Rostelecom, Alfa Telecom, CIG, Cavendish and First NIS Fund
entered into the Shareholders Agreement. The Shareholders Agreement provides
for certain tag-along rights exercisable by CIG, Rostelecom and/or Barings in
the event that Alfa Telecom proposes to transfer Shares to a third party who
will own, directly or indirectly, no less than one-third of the Golden Telecom's
Shares (as adjusted for capital changes) immediately after such transfer. Upon
the exercise by CIG, Rostelecom and/or Barings of such right, the exercising
party may sell to the third party its pro rata portion of the Shares covered by
the third party offer. The Shareholders Agreement further provides for the
nomination and removal of directors of Golden Telecom. Rostelecom has the right
to designate two directors, one of whom shall be independent and financially
literate. Subject to certain conditions, Alfa Telecom has the right to designate
three directors. CIG and Barings each have the right to designate one director.
In addition, the directors sitting on the board of directors of Golden Telecom
on the date the board adopts resolutions concerning Golden Telecom's annual
meeting of stockholders shall designate two directors, which directors, if
required by applicable marketplace rules, shall be independent and financially
literate. Upon Alfa Telecom's ceasing to own at least 15% of the issued and
outstanding Shares, the number of directors designated by Alfa Telecom shall be
reduced to two. Upon Rostelecom's ceasing to own at least 10% of the issued and
outstanding Shares, the number of directors designated by Rostelecom shall be
reduced to one. Upon any of Alfa Telecom, Rostelecom, CIG or Barings ceasing to
own at least 3% of the issued and outstanding Shares, the board representation
rights of such entity shall terminate. Golden Telecom and each of Rostelecom,
Alfa Telecom, Barings and CIG have agreed that, as long as the voting agreement
set forth in Section 3 of the Shareholders Agreement remains in effect, each of
them will take all actions (including, without limitation, the voting of Shares,
the execution of written consents, the calling of special meetings, the removal
of directors, the filling of vacancies on the board of directors, the waiving of
notice and attendance at meetings, the amendment of Golden Telecom's by-laws and
the like) necessary from time to time to maintain the composition of the board
of directors specified in Section 3 of the Shareholders Agreement in accordance
with the terms of such provision.
In addition, the Shareholders Agreement contains procedures relating to the
approval of special transactions which involve, directly or indirectly, a value
exceeding 5% of the total consolidated assets of Golden Telecom and its
subsidiaries and include provisions relating to the proposal of special
transactions by directors as well as the retention in certain cases of an
independent special consultant to review a special transaction.
The Shareholders Agreement shall terminate upon the later of (i) May 11, 2004 or
(ii) the date of Golden Telecom's annual meeting of stockholders to be held in
2004. The Shareholders Agreement will also terminate as to any of Rostelecom,
Alfa Telecom, Barings and CIG if such entity ceases to hold at least 1.5% of the
issued and outstanding Shares. The provisions in Section 2 of the Shareholders
Agreement regarding tag-along rights upon certain sales by Alfa Telecom will
terminate as to Barings or CIG if such entity ceases to hold at least 2.5% of
the issued and outstanding Shares.
The foregoing descriptions of the Shareholders Agreement and the Standstill
Agreement do not purport to be complete and are qualified in their entirety by
the terms of the Shareholders Agreement and the Standstill Agreement, which are
incorporated herein by reference and are attached hereto as Exhibits 8 and 9.
Except as set forth herein, the Reporting Persons do not have any contracts,
arrangements, understandings or relationships with respect to any securities of
Golden Telecom.
Item 7. Material to be Filed as Exhibits.
Exhibit 1 - Purchase Agreement, dated as of March 13, 2002
Exhibit 2 - Subscription Agreement, dated as of September 5, 2002
Exhibit 3 - Registration Rights Agreement, dated as of September 5, 2002
Exhibit 4 - Shareholders Agreement, dated as of September 5, 2002
Exhibit 5 - Standstill Agreement, dated as of September 5, 2002
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: September 16, 2002
TELECOMMUNICATION INVESTMENT
JOINT-STOCK COMPANY
By: /s/ V.N. Yashin
----------------
V.N. Yashin
General Director
OPEN JOINT STOCK COMPANY
LONG-DISTANCE AND INTERNATIONAL
TELECOMMUNICATIONS "ROSTELECOM"
By: /s/ S.I. Kouznetsov
--------------------
S.I. Kouznetsov
General Director
SCHEDULE A
EXECUTIVE OFFICERS AND DIRECTORS
OF SVYAZINVEST AND ROSTELECOM
The name, business address and current principal occupation or employment of
each of the executive officers and directors of Svyazinvest or Rostelecom are
set forth below. The business address of each such person representing
Svyazinvest is 55 ul. Plyuschikha, bldg. 2 Moscow, 119121, Russia. The business
address of each such person representing Rostelecom is 14 ul. 1st
Tverskaya-Yamskaya, Moscow, 125047, Russia. All such persons listed below are
citizens of the Russian Federation except for Stuart G. Paperin, David
Geovanis and Grigory M. Finger, who are citizens of the United States.
Name Present Principal Occupation or Employment
SVYAZINVEST
Leonid D. Reiman Chairman of the Board of Directors and Minister for
Communications and Informatization of the Russian
Federation
Alexander V. Anoshkin Member of the Board of Directors and Assistant to
the Head of the President's Administration of the
Russian Federation
Vladimir V. Malin Member of the Board of Directors and Chairman of the
Russian Federal Property Fund
Stuart G. Paperin Member of the Board of Directors and Executive
Vice-President of the Soros Fund
Sergei V. Molozhavyi Member of the Board of Directors and Deputy
Minister, Ministry of Property Relations of the
Russian Federation
David Geovanis Member of the Board of Directors and President of
the Soros Fund
Andrei G. Tsyganov Member of the Board of Directors and Deputy
Minister, Ministry of the Russian Federation for
Antimonopoly Policy and Support of Entrepreneurship
Sergei V. Mitrofanov Member of the Board of Directors and Deputy General
Director, Federal Agency of Government
Communications and Information (FAPSI)
Elvira S. Nabiullina Member of the Board of Directors and First Deputy
Minister, Ministry of Economic Development and
Trade of the Russian Federation
Valery N. Yashin General Director, Chairman of Management Board
and Chairman of the Board of Directors of
Rostelecom
Vladislav S. Vasin First Deputy General Director, member of Management
Board
Alexander V. Lopatin Deputy General Director, member of Management Board
Stanislav N. Panchenko Deputy General Director, member of Management Board
Anton I. Osipchuk First Deputy General Director, member of Management
Board
Georgii A. Romskii Deputy General Director, member of Management Board
Vadim E. Belov Deputy General Director, member of Management Board
Sergei I. Kouznetsov Member of Management Board and General Director,
member of the Board of Directors and Chairman of
Management Board of Rostelecom
ROSTELECOM
Valery N. Yashin Chairman of the Board of Directors and General
Director, Chairman of Management Board of
Svyazinvest
Vadim E. Belov Member of the Board of Directors and Deputy General
Director, member of Management Board of Svyazinvest
Nikolai P. Emelyanov Member of the Board of Directors and General
Director of Open Joint Stock Company
"Novgorodtelecom"
Sergei I. Kouznetsov Member of the Board of Directors, General Director,
Chairman of Management Board and Member of
Management Board of Svyazinvest
Alexander V. Lopatin Member of the Board of Directors and Deputy General
Director, member of Management Board of Svyazinvest
Anton I. Osipchuk Member of the Board of Directors and First Deputy
General Director, member of Management Board of
Svyazinvest
Stanislav N. Panchenko Member of the Board of Directors and Deputy General
Director, member of Management Board of Svyazinvest
Victor A. Polischuk Member of the Board of Directors and President of
Open Joint Stock Company "Russian Telecommunication
Network"
Irina M. Ragozina Member of the Board of Directors and Director of
Corporate Management Department of Svyazinvest
Mikhail V. Slipenchuk Member of the Board of Directors and General
Director of Limited Liability Company "Investment
Financial Company "Metropol"
Grigory M. Finger Member of the Board of Directors
Sergei I. Kouznetsov General Director, member of the Board of Directors,
Chairman of Management Board and Member of
Management Board of Svyazinvest
Vladimir I. Androsik Deputy General Director, Financial Director, member
of Management Board
Dmitry E. Erokhin First Deputy General Director, member of Management
Board
Igor V. Zabolotnyi Member of Management Board and Executive Director
and Director of the Marketing and Sales Department
of Svyazinvest
Vadim Y. Izotov Deputy General Director, Director of Information
Technology, member of Management Board
Alexander V. Lopatin Member of Management Board and Deputy General
Director, member of Management Board of Svyazinvest
Alexander A. Lutsky Member of Management Board, Chief Accountant
Vladimir K. Mironov Member of Management Board, Deputy General Director
for Personnel and Security
Alexander V. Mikhalev Member of Management Board, Deputy General Director
and Administrative Director
Marina D. Oleshek Member of Management Board, Deputy General Director
and Director for Organizational Development and
Personnel Managment
Vladimir V. Terekhov Member of Management Board, Deputy General Director
and Technical Director