Buy locomotives of the Russian Railways with the funds of the NWF does not have strategic justification

MOSCOW, October 9. The acquisition by RZD locomotives at the expense of the national welfare Fund (NWF) has no strategic justification, said in the conclusion of the accounts chamber of the anti-crisis plan in the first half of 2015.

In December 2014, Prime Minister Dmitry Medvedev signed a decree on the allocation in 2015 to 100 billion rubles from the national welfare Fund (NWF) for the four investment projects of RZD through the placement by the company of its bonds in favor of VTB. Including 60.2 billion rubles provided for the purchase of locomotive 484. Thus, according to the detailed plan, it is emphasized in the conclusion of the JV, the amount of the purchase is 497 locomotives.

The document notes that as of September 1, 2015 VTB Bank to Finance the project “the Acquisition of traction rolling stock” has carried out the repurchase of bonds of the Russian Railways in the amount of 45 billion rubles at the same time on a specified date RZD signed contracts for the supply of locomotives at the expense of NWF to 59.8 billion rubles, which exceeds the actual amount of funds received from the Bank. As of 1 September 2015, Russian Railways spent 34.6 billion rubles.

“JSC “Russian Railways” the strategic rationale for the investment project in violation of the rules of assessment of expediency of financing of investment projects at the expense of the national welfare Fund and (or) pension savings under trust management of the state management company, on a revolving basis… was not developed. Conclusion the Ministry of transport about the strategic importance of the investment project and the Ministry of economic development of Russia about the results of the assessment of the strategic rationale of the investment project, which should be developed in accordance with the assessment rules, no”,- the document says.

In addition, the JV indicates that the Railways had not implemented the recommendations of economic development and Finance on amendments to the financial model of the project, providing an updated Outlook for inflation, changes in the exchange rate and the real GDP growth rate.