Investigators reveal embezzlement of more than 270 million roubles at "Resorts of Northern Caucasus"

In the Open Joint-Stock Company (OJSC) "Resorts of Northern Caucasus", investigators revealed an embezzlement of budget funds in the amount of 275.3 million roubles, and in connection with that fact, a criminal case was instituted on the grounds of fraud. This was reported by the press service of the Investigatory Department of the Russian Ministry of Internal Affairs (MIA).

The criminal case instituted by the Investigatory Department of the Russian MIA is related to the period of 2011, when, according to the investigators' version, unidentified persons from among the managers of the company had fraudulently stolen the budget funds in the amount of 275.3 million roubles.

Instead of performing by themselves the duties assigned to the OJSC "Resorts of Northern Caucasus" to prepare the construction of infrastructure facilities in the special economic zones to select the contracting company, to carry out the technical organization and acceptance of the works performed, the managers decided to "hire for providing services" an intermediary company and pay for its activities at inflated prices, and for that they held a close competition between affiliated organizations of the OJSC "Resorts of Northern Caucasus".

Following the results of the competition, the functions for the preparation of the construction of infrastructure facilities have been transferred to the company, which has entered into a contract with a subcontractor that performed the preliminary works for the amount of 537.5 million roubles. The commission remuneration of the intermediary company only for the services on organization and acceptance of the works amounted to 275.3 million roubles. Meanwhile, the investigators revealed that the company that won the competition did not have a full package of licences and permits.

The criminal case was instituted under Article 159 of the Criminal Code of the Russian Federation (fraud) against yet unidentified persons, the "Interfax" has been clarified at the press centre of the Russian MIA.