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A Loan Earmarked by Gazprombank not Reached the Georgian Hydropower Plant

Setstroyservis management suspected of embezzlement

As the Russian Kommersant has learnt, the police raided the office once the largest contractor in the construction of power company Setstroyservis. Investigative actions were carried out in the framework of a criminal investigation of the theft of credit funds earmarked by Gazprombank. In total, the borrower previously figured in the scandal of spending “Skolkovo” funds  did not return to the bank about 1.5 billion rubles. Some of these funds, according to the contract, was to go to the procurement of equipment for Mtkvari hydropower plant  (Georgia), but eventually disappeared in the one-day firm.

On January 23, 2014 Gazprombank  transferred  411 million rubles  to the account of the borrower, but in the autumn of last year Setstroyservis stopped servicing the loan, negotiations on the return of funds reached  an impasse, after which the bank appealed to the Moscow Arbitration Court, which based on previous loans, as well as penalties and interest on them,  satisfied the claim of the creditor  for the sum of  1.2 billion rubles. To date, the amount of the  debt has increased by almost 300 million rubles.

At the same time check by the security service of the bank  has established that the money allocated by Gazprombank, went not to buy equipment but to a certain Ltd. Neftepromekologiya, from whence disappeared. Setstroyservis, according to the results of the inspection, had no relation to the construction of the Mtkvari HPP.

Based on the audit, the bank’s representatives appealed to the Moscow Southwest District police department, which opened a criminal case on fraud.On 16 July 2015, the Ministry of Energy signed a Memorandum of Understanding with the Georgian Co-Investment Fund  (GCF)  on the Mtkvari HPP  construction, ownership and operation; renewed the Memorandum of Understanding with the government as a prerequisite for the construction moving  into the active phase.