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Misspending of Olympic proportions
Published: 29 June, 2010, 22:48
Edited: 13 July, 2010, 20:47
TAGS: Crime, Olympics, Russia, Prime Time Russia, Vancouver-2010
The Accounts Chamber has described the financing of Russia's preparation in the Vancouver Olympics as “ineffective and corrupt.”
This comes several months after Russia’s disastrous performance at the Winter Games, which led to the resignation of the Olympic Committee's head.
The investigation has found that small new commercial firms were allocated vast sums of money during the preparations for the games. As a result, for every medal won in Vancouver, Russia paid 388 million roubles (around $10 million).
“Year after year, contracts are won by different companies owned by the very same people. They provide false information when registering, which they usually do in Moscow. Then, after getting the contract money, they dissolve the company – mainly in the regions – and then open another firm under a different name the following year. Each time, up to half a billion roubles is kept in their commercial bank accounts,” the head of the Accounts Chamber, Sergey Stepashin, said.
29.06.2010, 22:46
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30.06.2010, 19:17
Massive fire hits Russian key military firmA giant fire broke out on Wednesday at the Moscow offices of the firm responsible for creating Russia's advanced S-300 and S-400 air defense systems. |
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