The board of directors of GAZ Group has recommended paying no dividends for 2009. The company didn’t pay dividends in 2008 either.

The proposal will be considered at the company’s AGM at the end of June.

Earlier this year, GAZ was forced to restructure all of its debt,.

There have also been rumours that the Russian automobile manufacturer may set up an alliance with an unspecified foreign car maker.

GAZ is controlled by tycoon Oleg Deripaska through Russian Machines.

AvtoVAZ last week made a similar decision on a 2009 dividend.