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Technology Stocks : Vimpel Comm (VIP) ADR's of the Russian Cellular Phone Co.
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To: M. Frank Greiffenstein who wrote (99)10/9/1998 4:48:00 PM
From: Alexander Pavlov  Read Replies (3) of 283
 
<< Savant, my wife is from Russia, and her best freind (Natasha) is the daughter of an executive with Rostelekom. As it happens, this guys is VP for Collections, LOL! Anyway, I spoke with Natasha 2 weeks ago. It seems nobody is paying their ROS phone bills. They are setting up barter. By inference, I find it hard to imagine that VIP is getting paid in hard currency. >>

Frank,

I could not imagine nobody paying ROS bills. The fee is fixed in most cities in Russia and now after ruble devaluated it gets 3 times cheaper (being restated in US$, of course). Currently I pay something around $3 monthly. Not a big amount. I think these delays in bill payments were due to problems with banks. Just delays. Lot of companies (including VIP) had to change their banks last month.

As to hard currency, VIP was never being paid dollars. It is simply against the law. They collect payments in rubles using current exchange rate (charges are set in US$).

Kind regards,
Alex
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