MOSCOW, November 19 (RIA Novosti) – Russian prosecutors believe a “golden parachute” awarded to a top executive leaving a state-owned company earlier this year undermined public trust, a newspaper reported Tuesday.
The 201 million ruble ($6.3 million) severance package paid to Alexander Provotorov, the outgoing chief executive of state-owned telecommunications giant Rostelecom, was unjustifiable in light of the company’s debt level, a senior prosecutor said in a letter obtained by Kommersant newspaper.
The decision by Rostelecom’s board of directors to approve such a payment “creates a threat to social stability and undermines trust in the state,” prosecutors said, the paper reported.
Minority shareholders in Rostelecom have taken the company to court in St. Petersburg over the issue. Kommersant reported Monday that Provotorov was in informal negotiations about returning some of the money.
Asked about Provotorov’s case in March, President Vladimir Putin called for limits to be placed on the size of severance packages given to top managers at state-owned companies.
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