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Fraud Case Launched over Sochi 2014 Olympic Projects

© RIA Novosti . Mikhail Mokrushin / Go to the photo bankThe investigation of the first fraud case over the Sochi 2014 Winter Olympics finance has been completed and will soon go to court
The investigation of the first fraud case over the Sochi 2014 Winter Olympics finance has been completed and will soon go to court - Sputnik International
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The investigation of the first fraud case over the Sochi 2014 Winter Olympics finance has been completed and will soon go to court, the Russian Interior Ministry said on Thursday, the Izvestia daily reported.

The investigation of the first fraud case over the Sochi 2014 Winter Olympics finance has been completed and will soon go to court, the Russian Interior Ministry said on Thursday, the Izvestia daily reported.

The ministry press center said criminal proceedings were initiated in June 2012 over an attempted embezzlement of public funds.

“One case concerns the construction of an Olympic bobsleigh run,” the press service said, adding that a group of executives from the Mostovik construction firm had attempted to pocket 2.5 billion rubles (about $80 million) by inflating construction costs.

Another case involved an attempted misappropriation of 5.6 billion rubles from the central stadium project.

Several ongoing investigations are also underway into possible fraud and cost overruns, including an ice palace for figure-skating and hockey whose budget has expanded from the original 5.6 billion rubles to 9.6 billion rubles.

 

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