According to the accounting chamber, taking into account the upcoming payment of debts and losses is the need of the Bank in funding its obligations is about is 401.5 billion rubles, including in the second half of 2016 — about 98.8 billion rubles In 2017, the Corporation will require assistance in the amount of approximately 126,3 billion rubles, in 2018 — about 146 billion rubles, and in 2019 — about 30.3 billion rubles.
These funds, judging by the statements of officials will be allocated by the state budget. In particular, in 2016 VEB received a presidential reserve of 150 billion roubles, it has gone “frozen” the pension savings of citizens. In 2017 the state plans to allocate for support of the state Corporation 150 billion RUB of tax revenues, previously reported, Finance Minister Anton Siluanov.
The problems of the Corporation directly associated with the inefficient use of funds, irregularities in procurement and financing of unprofitable projects, the materials of the accounting chamber.
So, the accounting chamber auditors found wasteful spending amounted to 4.9 billion rubles VEB directed on formation of the authorized capital of the “Federal center for project Finance” (FCPF). The company was established in 1995 by government decree and was to assist in “raising of funds, including external funding, and ensuring implementation of investment projects in priority for the national economy”.
As of January 1, 2016, the balance of available cash and cash equivalents on Deposit and current accounts FCPF amounted to 3.55 billion rubles, or more than 72% of the share capital. Thus, I believe the auditors did not receive effective use of funds contributed to the authorized capital of the company.
In audit chamber also notes that in the years 2014-2016, the Federal budget has allocated funds for another “daughter” VEB — NGO “Fund of development of monotowns”. The Fund has invested in infrastructure projects in the regions, spending a total of 1.45 billion rubles, or 10% under budget for this purpose amounts. Almost 20% of the investment was spent on administrative and household expenses of the Fund. According to the auditors of the accounting chamber, in fact, the money was transferred to the regions on a Pro Bono basis that is not consistent with the principles of project recurrent funding and allow the Fund itself to earn money to exist.
Violations were revealed in the activity of two other subsidiaries of Vnesheconombank “VEB-Engineering” and “VEB-Leasing”. In particular, the analysis of the leasing process in the “VEB-Leasing” has shown that decisions on the transactions were generally made without consideration by the Finance Committee of the company. Preliminary analysis of the risks of transactions not conducted, which led, in the opinion of the auditors of the accounts chamber, to lower volume of new leasing transactions in 2014 and 2015 of 66% and a significant increase in borrowing over the same period.
The chamber has noted violations of the Bank law “On procurement of goods and services”, including the facts when the Corporation did not report a single supplier. In 2012, more than 80% of the contracts VEB was without tenders, that is, with a single supplier. In 2015, the share of such agreements has decreased to 66%.
“The audit showed that none of the existing 2008 strategies Vnesheconombank was not completed in due time”, — stated in the message of audit chamber. The strategy was updated in connection with a material change of conditions of the external economic situation and the irrelevance of established targets.
In the first 9 months of 2016, the loss of Vnesheconombank amounted to 86.2 billion rubles Loss by the end of 2016 will amount to about RUB 130 billion for the company, said in late December, the head of state Corporation Sergey Gorkov. Later the management of VEB said that most of the losses in 2016 caused by the sale of ADR (Russian stocks which are traded on foreign exchanges. —) of “Gazprom”. “Just ADR “Gazprom” have brought to us minus 118 [billion rubles] because there is a historical difference between the price at which we sold. Large enough time has passed — seven years,” said Gorkov (quoted by “RIA Novosti”).
20 December 2016 Supervisory Board approved the strategy until 2021, according to which by the end of 2017, the Corporation plans to complete the restructuring of the business and to create a new banking structure. As said Sergey Gorkov, “the new VEB” five landmarks, including the financing of projects in high value added industries; infrastructure development; support non-oil exports; facilitating the conversion of defense technologies to civil; support for innovation and projects of the National technology initiative.