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Friday 29 August 2014

Russia's tech centre loses fortune

Published 30/10/2013 | 11:51

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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.

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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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