RUSSIAN ACCOUNTING CHAMBER: THE SUM OF FINANCIAL VIOLATIONS IN 2004 EXCEEDED $5 BLN

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MOSCOW, May 12 (RIA Novosti) - The sum total of the financial violations committed in using the budget means in 2004 made up 150.7 billion rubles ($1 equals 27,82 rubles). Russian Accounting Chamber deputy head Alexander Semikolennykh cited these data speaking at a meeting of the relevant commission of the Federation Council (upper house of the Russian parliament).

Last year the Accounting Chamber carried out 525 control-analytical inspections, of which 487 - control-auditing ones, that is, checkups proper.

Following the results of the inspections, the Accounting Chamber sent 130 materials to the Prosecutor-General's Office. A total of 299 criminal cases were opened on them in 2004.

"Among the main inspections carried out in 2004 were the checkup of the means allocated from the federal budget in the form of a subsidy to the Baikonur launching site, of the implementation of the law 'On Veterans', of the restoration of Chechnya's economy and social sphere, and of the execution of the budget of the Union State of Russia and Belarus," he noted.

In his words, the Accounting Chamber has included a checkup of the spending of the means of the Stabilization Fund in its plans for this year.

He stated this when asked by commission member Gennady Gorbunov. The senator was surprised by the fact that Russia, which has huge means in the Stabilization Fund, announces internal loans.

He stated that in the opinion of his department, the means of the Stabilization Fund are being spent inefficiently.

"The money there is idling. We disapprove of our state borrowing funds in this situation," he said.

Alexander Semikolennykh recalled that his department had offered various variants of investing the means of the Stabilization Fund. "The money accumulated by the state must be invested," he is convinced.

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