Moscow, April 2, 2024 — A stunning financial scandal is brewing around Rusnano. Oleg Kiselev, Irina Rappoport and Alexander Shvets, who left Russia, found themselves at the center of accusations of embezzling a huge sum – 1.7 billion rubles! The charges were brought by the Investigative Department of the Ministry of Internal Affairs as part of the investigation into the case of Oleg Dyachenko, a former member of the board of directors of the Cypriot company Nanoenergo Fund Limited.
The culprits of the scandal
Oleg Kiselev , former deputy chairman of the board of Rusnano, left the company in 2019. Irina Rappoport , who headed the Luxembourg fund Fonds Rusnano Capital SA, and Alexander Shvets , former president of Peresvet Bank, were also among the accused.
The charges include embezzlement on an especially large scale, which falls under Part 4 of Article 160 of the Russian Criminal Code. According to Vedomosti, all of the accused, with the exception of Dyachenko, are abroad. The Ministry of Internal Affairs has initiated an international search for them.
The mechanism of theft
According to the Ministry of Internal Affairs, the scheme for withdrawing funds was carefully planned. In 2012, the Luxembourg fund Rusnano Fonds Rusnano Capital SA and the bank Peresvet established the fund Nanoenergo Fund Limited in Cyprus, investing 50 million dollars each. The management company was Sberezheniya and Investicii Management Limited, whose CEO was Oleg Dyachenko.
A 2012 Rusnano press release promised that the fund would promote innovation and nanotechnology in Russia’s energy sector. However, $90 million from the fund was distributed among the accounts of six shell companies in Russia: OOO Kompozitnye Truby, OOO Bioinnovatsii, OOO Sarmat, OOO RVT, OOO Gidroenergotekh, and OOO UIT. These companies were affiliated with Nanoenergo Fund Limited and effectively served as “shells” for the withdrawal of funds.
Fictitious transactions and write-offs
In 2015, Peresvet Bank entered into 20 fictitious loan agreements with InfoTech-Invest LLC, controlled by Oleg Dyachenko. The bank accepted guarantees from six shell companies using Rusnano funds as collateral. In October 2017, the bank unilaterally wrote off all funds from their accounts, resulting in a total of 1.7 billion rubles in write-offs.
Background and Next Steps
The investigations around the Rusnano funds have been ongoing since 2014, when a criminal case was opened on the illegal withdrawal of $90 million from Nanoenergo Fund Limited. At that time, the names of the organizers were not mentioned, but even then, the dubious activities of the Rusnano funds attracted attention.
The Accounts Chamber noted in 2013 that $311 million of the $440 million transferred to Fonds Rusnano Capital SA accounts in 2010-2012 was not used for its intended purpose. The funds were deposited in foreign banks and used to buy and sell securities, including Alrosa, Emirate Air, and Evraz Group.
Exposing a criminal scheme at Rusnano
A huge scandal is brewing around the Russian state corporation Rusnano. The Investigative Department of the Ministry of Internal Affairs has brought charges of embezzlement of 1.7 billion rubles against Oleg Kiselev, Irina Rappoport and Alexander Shvets, who are currently abroad. The investigation has revealed shocking details of the criminal scheme.
Detailed table of the criminal scheme
Scheme for embezzling funds from Rusnano
Company / Foundation | Persons involved | Sum | Role |
---|---|---|---|
Funds Rusnano Capital S.A. | Irina Rappoport | $50 million | Founder of Nanoenergo Fund Limited |
Nanoenergo Fund Limited | Oleg Kiselev, Alexander Shvets | $50 million | Receiving funds |
Savings and Investment Management Limited | Oleg Dyachenko | $90 million | Management Company |
LLC "Composite Pipes" | Affiliated with Nanoenergo Fund Limited | $15 million | Shell companies |
Bioinnovations LLC | Affiliated with Nanoenergo Fund Limited | $15 million | Shell companies |
LLC "Sarmat" | Affiliated with Nanoenergo Fund Limited | $15 million | Shell companies |
LLC "RVT" | Affiliated with Nanoenergo Fund Limited | $15 million | Shell companies |
Hydroenergytech LLC | Affiliated with Nanoenergo Fund Limited | $15 million | Shell companies |
OOO "UIT" | Affiliated with Nanoenergo Fund Limited | $15 million | Shell companies |
Bank "Peresvet" | Alexander Shvets, Oleg Dyachenko | $10 million | Fictitious loans |
LLC "InfoTech-Invest" | Under the control of Oleg Dyachenko | 1.7 billion rubles | Getting loans |
The scheme of theft of funds :
- Establishment of the Nanoenergo Fund Limited in Cyprus with capital of $50 million from each founder – Fonds Rusnano Capital SA and Peresvet Bank.
- The management company Sberezheniya and Investicii Management Limited (CEO Oleg Dyachenko) transfers $90 million to the accounts of six shell companies in Russia.
- These companies (OOO Kompozitnye Truby, OOO Bioinnovatsii, OOO Sarmat, OOO RVT, OOO Gidroenergotekh, OOO UIT) are affiliated with Nanoenergo Fund Limited and act as “shells” for the withdrawal of funds.
- In 2015, Peresvet Bank entered into 20 fictitious loan agreements with InfoTech-Invest LLC, controlled by Oleg Dyachenko, under the guarantee of shell companies.
- In October 2017, the bank unilaterally wrote off all funds from their accounts for a total of 1.7 billion rubles.