State Duma Deputy Alexander Lebedev is transferring his stake in Russia"s largest aircraft leasing company to a British-registered charity to protect the shares from government interference, Kommersant reported Wednesday.
Lebedev will retain control of his 26.5 percent stake in Ilyushin Finance, although it will legally belong to the Raisa Gorbachev Foundation, an international charity that fights against child cancer, the report said.
Lebedev"s stake is currently held through the National Reserve Corp., and ownership will be transferred to the British registered charity after the government approves new legislation governing endowments.
On April 1, all Ilyushin"s shares will be automatically converted into a stake in United Aircraft Corporation, set to become the state-controlled "champion" of the aircraft industry.
The state owns 46 percent of Ilyushin directly, while Vneshekonombank has another 20 percent.
The company reported 2005 earnings of 41.3 million rubles ($ 1.4 million) on sales of $ 88.5 million.
The Raisa Gorbachev Foundation is the successor of World Hematologists for Children, an organization founded by former Soviet leader Mikhail Gorbachev and his wife in 1990.
Gorbachev and Lebedev teamed up earlier this year to buy Novaya Gazeta.
