The subsequent program to distribute "privatization vouchers" was in part an attempt to convince Russians that each of them had a tangible share in their state.

These people will certainly buy up large quantities of President Yeltsin's privatization vouchers.

At least 35 per cent of the purchase price for shares would have to be paid in privatization vouchers.

Public confidence has been shaken by wide fraud among investment funds that trade in privatization vouchers and shares.

The remaining 35 percent will go on auction for "privatization vouchers."

While about 40 million people are said to own shares of operating companies, these were largely secured through privatization vouchers, not by cash investment.

He extended the period in which Russians may pick up their free privatization voucher, with a face value of 10,000 rubles, another month, until the end of January.

To get shares, Russians could use their privatization vouchers, certificates with a 10,000-ruble face value issued free by the Government beginning on Oct. 1.

Kozeny buys up privatization vouchers, the shares in state-owned companies distributed to the citizens in post-Communist states.

Glogowski is the president of AJG Investments, a firm that, like Minaret, buys privatization vouchers.