Russian prosecutors accuse management of state-sponsored hi-tech hub of mismanaging $690Mln

Published January 13, 2015

Russian prosecutors say they suspect that managers of a state-sponsored innovation center mismanaged hundreds of million dollars in government funding, though no charges have been filed.

A statement from the Prosecutor General's Office on Wednesday 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 rubles ($1.6 billion) to Skolkovo. The prosecutor general's office says it suspects managers of investing 22 billion rubles ($687 million) into low-yield bonds and in low-interest bank deposits which benefited one commercial bank.

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

URL

https://www.foxnews.com/world/russian-prosecutors-accuse-management-of-state-sponsored-hi-tech-hub-of-mismanaging-690mln