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

 NEW YORK, Oct. 15 ?PRNewswire/ -- A wide ranging business consulting agreement between the Russian State Investment Corp. (SIC) and Arthur Andersen was signed last week that calls for the business services firm to assist the SIC in its efforts to privatize state industries, develop a free market financial infrastructure and attract direct foreign investment, among other tasks.
 The agreement calls for Arthur Andersen to assist the SIC with investment policy, privatization, insurance and banking activities, management systems and audit & accounting systems. As a specific example, Andersen has been asked to develop mechanisms for ensuring state support of financial guarantees for foreign and Russian investors in the face of political unrest. Such mechanisms are viewed as crucial in attracting much-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," said 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."
 Established Feb. 2, 1993, the State Investment Corp. 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.
 "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," said Richard Measelle, managing partner, Arthur Andersen. "We believe that our work in Russia will stand as a testament to our avowed aim to be not only a global business, but a global citizen as well."
 Arthur Andersen was the first organization of its type to be authorized to perform audits in Russia. Andersen's practice in Russia and the other newly-independent states currently totals over 200 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 70 countries. The firm is a business unit of Arthur Andersen Worldwide Organization.
 -0- 10/15/93
 /CONTACT: Mark H. Leaf, APR, media relations director,


213-614-1616, or 818-505-9667/

CO: Arthur Andersen, State Investment Corp. ST: New York IN: SU:

NY-JB -- LA025 -- 2888 10/15/93 16:05 EDT
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Publication:PR Newswire
Date:Oct 15, 1993
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