Sunday 23 November 2014

Russia's tech centre loses fortune

Published 30/10/2013 | 11:51

A Russian high-tech development has squandered hundreds of millions of pounds
A Russian high-tech development has squandered hundreds of millions of pounds

A state-sponsored Russian innovation centre has been accused of mismanaging hundreds of millions of pounds in government funding, although no charges have been made.

The Prosecutor General's Office detailed what it considered to be "uncontrolled spending" at Skolkovo, set up in 2010 as an attempt to create a Russian version of Silicon Valley.

The government has allocated 50 billion roubles (£1 billion) to Skolkovo. The prosecutor general's office said it suspects managers of investing 22 billion rubles (£430 million) into low-yield bonds and in low-interest bank deposits which benefited one commercial bank.

It made no accusations against Viktor Vekselberg, a Russian billionaire who wound up most of his business activities to run Skolkovo.

-AP

Press Association

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