Surgutneftgas, the third largest oil firm in Russia, has announced the accumulation of a US29 billion cash pile in its report submitted to the International Financial Reporting Standards.
The company though is still headed by so called Sovier era "red director" Vladimir Bogdanov and has analysts befuddled over the loss of the ownership structure after it only held 650,000 shares in its treasury.
This number is a drop compared to the 17.6 billion treasury shares worth US$15 billion. It is also a 40% shareholdings in the company according to the annual report submitted to an internationally recognized reporting standard.
Analysts theorized that management held nearly 90% of Surgut through an affiliate structure system, such as the in-house pension fund but never a full disclosure of the company ownership.
All other indicators have made many investigators dizzy, such as the balance sheet having 549 billion roubles in liquid assets as well as 898 billion roubles in short and long term deposits held in Sberbank with other allotments in Unicredit, Gazprombank and VTB.
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