Sochi police revealed funds’ stealing scheme at the Olympics construction

Policemen have revealed the scheme for stealing funds, allocated for the construction of Olympic facilities.

Among the suspects there formed manager of the OJSC «Krasnaya Polyana» and co-owner of the OJSC «National Business Development Bank», Live Kuban informs.

According to the investigators, in July 2009 «Krasnaya Polyana» concluded several agreements with the State Corporation «Olympstroy» on the financing of construction of a sports and tourism complex. More than 1 billion rubles, received from the Russian Sberbank, were invested to the company’s deposits at «NBDB» with 4% per annum interest rate.

After that the bank credited its affiliated companies, which, in their turn, borrowed these funds to «Krasnaya Polyana» with 12.5% per annum interest rate.

More than 45.5 million rubles were taken away via affiliated entities as interest payments.

Criminal proceedings have been initiated against former manager of «Krasnaya Polyana».

English translation by BSN