Accounting Chamber finds $42.7m of financial improprieties in Russian Property Management Agency

Accounting Chamber finds $42.7m of financial improprieties in Russian Property Management Agency

The budgetary reporting of the Federal Property Management Agency for 2016 was deemed inaccurate.

The Russian Accounting Chamber found 2,5 billion rubles ($42.7m) worth of financial improprieties in the work of Rosimushchestvo and its Moscow office. This is reported on the website of the supervisory authority.

It is said that the budgetary reporting of the Federal Property Management Agency for 2016 was deemed inaccurate. The Accounting Chamber made this conclusion because the agency "inappropriately monitored the local authorities' performance of the administrator's authority in the form of profits."

"Receivables from the Federal Property Management Agency at the end of 2016 amounted to 8.1 billion rubles and decreased in comparison with the beginning of the year by 3.3 billion rubles (29.1%). Overdue debt as of January 1, 2017 amounted to 4.7 billion rubles, an increase of 1.4 billion rubles compared to the beginning of the year (42.8%)," the Accounting Chamber said in a statement.

Discuss

Recommended

1 / 3