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ARTHUR ANDERSEN SELECTED BY RUSSIAN STATE INVESTMENT CORPORATION TO GUIDE PRIVATIZATION AND FOREIGN INVESTMENT EFFORTS

 NEW YORK, Oct. 12 /PRNewswire/ -- A wide ranging business consulting agreement between the Russian State Investment Corporation (SIC) and Arthur Andersen was signed today. The agreement calls for Arthur Andersen to assist the SIC in its efforts to privatize state industries, develop a free market financial infrastructure and attract direct foreign investment, among other areas.
 Among the specific tasks that Andersen will undertake will be to develop mechanisms for ensuring state support of financial guarantees for foreign and Russian investors against political unrest. Such mechanisms are viewed as crucial in attracting needed private investment in Russian industry.
 "We understand that there is a need to provide our industries, our workers and the global investment community with a clear and consistent road map for economic reform and investment," stated Yuri Vladimrovich Petrov, chairman of the SIC and former chief of staff to Russian President Boris Yeltsin. "Central to this task is the development of a financial and accounting infrastructure that will provide order to the privatization process and security to those whose capital helps fund it."
 "We are extremely pleased to have this opportunity to play a role in Russia's epic transformation to a free market economy and a freer and more democratic society," stated Richard Measelle, managing partner of Arthur Andersen. "We believe that our work in Russia will stand as a testament to our avowed aim to be only a global business, but a global citizen as well."
 The agreement calls for Arthur Andersen to assist the SIC with investment policy, privatization, insurance and banking activities, management systems and audit & accounting systems, among other areas.
 Established on Feb. 2, 1993, the State Investment Corporation was created to stimulate foreign and domestic investment in the Russian Republic. Areas of priority for such investment include mining, energy, metallurgy, medical equipment, pharmaceuticals, food processing, construction, aerospace, telecommunications and banking.
 Arthur Andersen was the first organization of its kind to be authorized to perform audits in Russia. Andersen's practice in Russia and the other newly independent states currently totals over 300 professionals and operates in Moscow, St. Petersburg, Kazan, Kiev, and Alma Ata.
 Arthur Andersen is a leading global accounting firm that offers audit, tax, business advisory, and specialty consulting services to more than 80,000 clients worldwide. Its more than 34,000 personnel provide these services through 300 offices in 170 countries.
 Arthur Andersen is a business unit of the Arthur Andersen Worldwide Organization.
 -0- 10/12/93
 /CONTACT: Matt Zachowski, 212-888-6115, for Arthur Andersen/


CO: Arthur Andersen; Russian State Investment Corporation ST: New York IN: SU: CON

TM -- NY009 -- 0962 10/12/93 09:20 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
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