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Criminal case opened over alleged embezzlement at Rostec subsidiary

12:42 22/05/2015

MOSCOW, May 22 (RAPSI) – A criminal case has been opened over alleged embezzlement of about 33 million rubles ($663,000) from Polyus Research Institute named after M.F. Stelmakh, part of Shvabe holding company which is controlled by state-owned Rostec corporation, RIA Novosti reported on Friday.

Suspicion fell on institute employees and the managers of an unspecified company, the Interior Ministry said in a statement.

“There is evidence that in 2013 the suspects used a fraudulent contract between the above organizations to provide the research institute with equipment to grow mono crystals that are used in the defense and aerospace industries,” the report says.

The institute paid the company 33 million rubles for equipment that never arrived. According to the Interior Ministry, searches have been conducted at the suspects’ homes and workplaces. As a result, items and documents were obtained that could be used as evidence in the investigation. The court issued warrants for the arrest of Polyus Research Institute CEO, the production director, and the director of the other unnamed company.

Stelmakh Polyus Research Institute, part of Rostec’s Shvabe Holding, was established in 1962. Polyus specializes in quantum electronics.

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Criminal case opened over alleged embezzlement at Rostec subsidiary

12:42 22/05/2015 A criminal case has been opened over alleged embezzlement of about 33 million rubles ($663,000) from Polyus Research Institute named after M.F. Stelmakh, part of Shvabe holding company which is controlled by state-owned Rostec corporation.
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