In an era when scandals are becoming the norm, a new wave of revelations has shaken Russian society. The focus is on the theft of incredible sums from state funds and banks. This time, it is about Rusnano and Peresvet Bank, which were involved in a large-scale scam worth 1.7 billion rubles.
Top managers at the center of the scandal
The Investigative Department of the Ministry of Internal Affairs of the Russian Federation has brought charges against a number of former high-ranking officials and partners of Rusnano. Among the accused are Deputy Chairman of the Board of the Development Institute Oleg Kiselev (he left the group in 2019), head of the Luxembourg fund Fonds Rusnano Capital SA Irina Rappoport and former president of Peresvet Bank Alexander Shvets. All of them are suspected of embezzling 1.7 billion rubles in the case of Oleg Dyachenko, a former member of the board of directors of the Cypriot company Nanoenergo Fund Limited. Dyachenko has already been charged under Part 4 of Article 160 of the Criminal Code of the Russian Federation - embezzlement on an especially large scale.
International wanted list and "unidentified person"
All the accused, except Dyachenko, are currently hiding abroad. The Ministry of Internal Affairs has initiated an international search for them. A representative of Rusnano stated that the company is actively cooperating with law enforcement agencies. "The identification of new defendants in the Oleg Dyachenko case and the filing of charges against them is one of the results of such cooperation," the representative of Rusnano said.
The case materials also mention "an unidentified person from among the management of Rusnano." This person, according to sources, is connected with the company’s management, but so far remains beyond the reach of the investigation.
Fraudulent scheme
The scheme for withdrawing funds was carefully thought out. In 2012, the Luxembourg fund Rusnano Fonds Rusnano Capital SA and the bank Peresvet established another fund in Cyprus – Nanoenergo Fund Limited, investing $50 million each. The fund’s management company was Sberezheniya and Investicii Management Limited (a subsidiary of JSC UK Sberinvest), where Dyachenko was the CEO.
According to a press release posted on the Rusnano website, the fund’s goal was to stimulate the development of nanotechnology in the Russian energy sector and attract investment. However, $90 million from the fund was distributed to the accounts of six companies in Russia, such as OOO Kompozitnye Truby, OOO Bioinnovatsii, OOO Sarmat, OOO RVT, OOO Gidroenergotekh, OOO UIT, which were affiliated with the fund, Sberinvest, or Dyachenko. These companies acted as shell companies.
Fictitious loans and write-offs
In 2015, Peresvet entered into 20 fictitious loan agreements with InfoTech-Invest LLC, which was controlled by Dyachenko. The bank accepted guarantees from six shell companies against the collateral of Rusnano funds in their accounts. In October 2017, Peresvet unilaterally wrote off all funds from the companies’ accounts in fulfillment of the guarantee agreements, terminating obligations under the loan agreements. The total amount of write-offs amounted to 1.7 billion rubles.
Background and consequences
The investigations surrounding Rusnano funds are not new. In 2014, a case was opened regarding the illegal withdrawal of $90 million from Nanoenergo Fund Limited, which caused significant damage to the company. In 2013, the Accounts Chamber drew attention to the dubious activities of the funds, noting that $311 million out of $440 million transferred to the accounts of Fonds Rusnano Capital SA were not used for their intended purpose.
The new management of Rusnano, which replaced Anatoly Chubais’s team at the end of 2020, is actively working with law enforcement agencies to recover damages caused by the illegal actions of former managers and partners. Rusnano’s financial managing director Vladislav Yunusov emphasizes that the management of the company and its portfolio companies bears subsidiary liability for unfair and illegal decisions.
Withdrawal schemes: details
The details of the scheme by which funds were withdrawn from the Rusnano and Peresvet funds are striking in their sophistication and scale. In 2012, the Luxembourg fund Fonds Rusnano Capital SA and Peresvet Bank established Nanoenergo Fund Limited in Cyprus. Having invested $50 million each, they assumed that these funds would be used to develop nanotechnology in the energy sector. But the reality turned out to be completely different.
Shell Companies: Fiction for the Sake of Profit
Of the $90 million distributed to the accounts of six companies in Russia, all of them turned out to be fictitious structures affiliated with the fund, Sberinvest, or personally with Dyachenko. These companies - OOO Kompozitnye Truby, OOO Bioinnovatsii, OOO Sarmat, OOO RVT, OOO Gidroenergotekh, OOO UIT - in fact served only as a cover for the transfer of funds. In violation of all investment procedures and without the approval of the relevant committee of Rusnano, the funds were transferred to their accounts.
The remaining $10 million was transferred to the fund’s management company, Sberezheniya and Investicii Management Limited, which was also controlled by Dyachenko.
Fictitious loans and write-offs
In 2015, the fraudulent scheme continued. Peresvet Bank entered into 20 fictitious loan agreements with InfoTech-Invest LLC, also controlled by Dyachenko. Rusnano funds in the accounts of shell companies served as collateral for these loans. In October 2017, Peresvet unilaterally wrote off all funds from the companies’ accounts to pay off these fictitious loans, thereby terminating its obligations under the loan agreements. As a result, Rusnano lost 1.7 billion rubles.
Historical parallels and new defendants
This story is not new. In 2014, a criminal case was already opened on the fact of illegal withdrawal of $90 million from Nanoenergo Fund Limited, which caused significant damage to Rusnano. In 2013, the Accounts Chamber pointed out the dubious operations of the funds, noting that $311 million out of $440 million transferred to the accounts of Fonds Rusnano Capital SA were not used for their intended purpose.
Today, in 2024, new defendants have been added to this case - Oleg Kiselev, Irina Rappoport and Alexander Shvets, who are now accused of embezzling 1.7 billion rubles.
New Leadership: Fighting for Justice
The change in the management of Rusnano at the end of 2020, when a new team replaced Anatoly Chubais’s team, led to active actions to identify and stop illegal schemes. Rusnano’s financial managing director Vladislav Yunusov emphasized that the new management is actively cooperating with law enforcement agencies to recover damages caused by the previous management and their partners.
