Resorts of the North Caucasus: thievery or faults

Resorts of the North Caucasus: thievery or faults


By Vestnik Kavkaza

In the end of 2012 the Audit Chamber began checking spending of state resources allocated to RNC on establishing and development of touristic and recreation special economic zones. The governmental order of October14th, 2010, requires establishing of a touristic cluster in the North Caucasus Federal District, the Krasnodar Territory, and Adygea. It is assumed to allocate 60 billion rubles from the federal budget for financial assurance of expenditure commitments connected with establishing of the cluster. In December 2010 Resorts of the North Company Public Corporation was founded for forming the cluster in the North Caucasus. Initiators of the company were Vnesheconombank (it contributed 350 million rubles to the charter capital), Sberbank (50 million rubles), and Special Economic Zones LLC (14.8 billion rubles). Therefore, today the charter capital of the company contains 15.2 billion rubles, 14.8 billion – from the federal budget.

“On behalf of the government of Russia the Ministry of Economic Development and Trade signed seven agreements with constituents of the RF and municipal entities on establishing of special economic zones. The check showed that fulfillment of arrangements required by the agreements on establishing of the touristic cluster is being provided behind the schedule. And the lag is significant – about a year,” the auditor of the Audit Chamber of Russia, Sergey Agaptsov, says.

As for spending of state resources allocated to RNC, according to Agaptsov, “as the result of ineffective management decisions, state resources allocated for establishing of tourist and recreation zones in 2010-2012 significantly surpassed real necessities. In various periods RNC allocate from 3 to 10 billion rubles in credit organizations for getting interest revenues. Extra revenues should average out 650 million rubles. They were mostly used in interests of the public company itself. Free funds were allocated at deposits in Gazprombank, Bank VTB, Sberbank, Alfa-Bank, and the National Bank of Business Development.”

According to the Audit Chamber, in 2010-2012 RNC spent more than 3 billion rubles, including 2.4 billion for investment activity. RNC provided implementation of the project on establishing of the tourist cluster through an agent. This agent was First Mountain Building Company which attracted one company Rosengineering Ltd. through the construction contract. “I think law-enforcement agencies will deal with the situation in details. We can see surpassing of payments for works of the companies,” Agaptsov stated.

Moreover, about 800 million rubles were spent by RNC for advertising of the touristic cluster in the information space, operating activity, and financial investments into subsidiary undertakings. Auditors of the Audit Chamber thinks that mentioned expenses are often overpriced, economically ineffective, and do not bring desired results. Expenses on participation in exhibitions and forums costed 176 million rubles. Business trips – 64.8 billion rubles. Norms and limits on business trip of the public company significantly surpassed travelling allowances required by the government of Russia for employees of an organization which is financed by the federal budget.

Auditors found ineffective expenses of the public company on renting offices in the center of Moscow – 172.4 million rubles; vehicle ownership – 5.3 million rubles; providing employees with apartments – 10.4 million rubles. Business trip expenses and providing apartments were connected with the fact that the majority of employees has permanent job in Moscow – 95% of employees; at the same time the society is registered in Pyatigorsk, while its main activity concerns the North Caucasus.

Significant resources were required by the public company for compensation of expenses by members of the Board of Directors of RNC – about 22 million rubles. “The reports by RNC which must justify expenses by members of the Board of Directors do not mark any juridical or other activities of the Board of Directors, which would benefit to the public company. The reports contain information on conducted meetings with some people, however, it doesn’t mean it has been done in interests of the public company,” Agaptsov believes.

RNC’s expenses also include 2 million euro allocated to payment for air transportation of members of the Board of Directors of the company, RNC’s employees, and people who are involved into the process of discussion of mutual prospects of participation in establishing of the touristic cluster in the NCFD. The contract on organization of flights is signed with the company which is registered in the British Virgin Islands. The reports justifying these expenses do not mark interests of the public company as well.

“The analysis of implementation of the investment plan showed that the public company is providing its activity with low effectiveness. Fulfillment of the investment plan was provided in 2011 by 54%, in 2012 – by 21%. The attraction of investors is not effective as well. As the result of the public company’s activity cooperation agreements on intentions were signed with potential investors. However none of them requires duties on real investment by investors. The public company established two companies together with its Korean and French partners. RNC allocated about 202 million rubles to the charter capital of the joint Russian-French company and 15 million rubles to the charter capital of the Russian-Korean company. Foreign partners which established two subsidiary companies together with RNC present themselves as potential investors of the project of development of the North Caucasus resorts. However, the real work has not been started yet,” Agaptsov said.

The project should be developed, drawbacks should be eliminated, and the control over effectiveness of expenses should be improved. The law-enforcement agencies will find out who is guilty. We will provide them with all necessary materials, and those found responsible will be punished, audits summed up.

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