VBTRF nears bankruptcy
By Mike Eckel
At the beginning of the decade, the Vladivostok Base of Trawling and Refrigeration Fleet was one of the Soviet Union's largest fishing fleets. Today, $500 million in stripped assets later, the company is on the cusp of bankruptcy, and shareholders and former employees are trying to prevent its liquidation.

Osaka businessmen speak their minds in Vlad
By Mike Eckel
The Osaka Chamber of Commerce and Industry knows all too well that when it comes to investing in a foreign country, words and promises are a poor substitute for concrete measures.

Vladivostok Avia opens new flights and new doors to Japan
By Mike Eckel
Aeroflot was the first. Vladivostok Avia is the second. Hailing the occasion as evidence of Primorye's increasing role in the economic life of the Asian Pacific Rim, locally-based airline Vladivostok Avia announced the opening of regular passenger and cargo flights to Japan on July 3.

Briefs:
Prisco receives award…Central Bank revokes bank's license…South Korean firm allegedly polluting Truda Bay

Prisco receives award
The Ministry of Foreign Economic Relations and Trade recently awarded Prisco a commendation for being the best Russian exporter in its transportation activity abroad. After analyzing the financial performance of other candidates, and scrutinizing currency and tax regulations, as well as compliance with international and Russian laws, the ministry recommended the Nakhodka-based tanker company. Black Sea-based Novorossisk Shipping Company was given a similar award.

Central Bank revokes bank’s license
The Central Bank of Russia recently revoked the license of Dalmestbank because of its failure to meet federal laws and Central Bank regulations. Dalmestbank submitted improper accounting records, was in a poor financial situation and couldn’t meet its liabilities, the Central Bank said.

South Korean firm allegedly polluting Truda Bay
A Russian Pacific Fleet uniform supplier is demanding that a South Korean company stop salvaging scrap metal in Russky Island’s Truda Bay because of the environmental damage the bay is suffering. After paying $163,000 to the Russian supplier to salvage some 40 half-sunken ships and investing $1.5 million, the Se Ho Advance company discovered that oil had been leaking from the ships, covering the bay. Last winter, after the company shipped off 900 tons of scrap metal worth $81,000, Russian scrap dealers began cutting large chunks of non-ferrous metal from the ships’ hulls causing more oil to leak, according to an environmental review. When the ice broke up last spring and the Koreans resumed work, they and local residents discovered large oil spills again in the bay. Se Ho Advance says it is losing $120,000 per month while the Russian side demands a halt to operations.

Compiled from press reports