No to related-party transactions: Russian Railways may save billions of rubles

No to related-party transactions: Russian Railways may save billions of rubles

Auditors, after the examination carried out in the state-owned corporation, came to the conclusion that Russian Railways is required an optimization.

Deloitte auditors stated in its report that the Russian Railways can save 95-130 billion rubles in the optimization of costs, Vedomosti reported. According to experts, the company can reduce the number of purchases and staff units and conduct an audit of large-scale projects.

Deloitte concluded that the corporation loses a lot of money on public procurement fielding large lots orders. In this regard, the 100 largest items account for 2/3 of the budget. At the same time, the Russian Railways shows worst performance in reducing the initial maximum price among state-owned companies - 1.8%. Auditors have suggested that this is due to "potential related-party transactions”. Experts cited as an example the procurement for the construction of 40 projects on the modernization of Baikal-Amur Mainline (BAM) and Trans-Siberian Railway, which was ongoing only three weeks.

Railways representatives noted that during the period from 2015 to 2016 the company has optimized the cost of 100 billion rubles.

In addition, the experts pointed out that in the company there is inflated managerial staff and reducing the number of employees by 4% (about 35 000) will allow the company to save another 25-60 billion rubles. Additional savings can be achieved through revision of projects such as the construction of high-speed highway Moscow - Kazan, the modernization of BAM and Transsib, the infrastructure development on the way to the ports of the Azov-Black Sea basin. Auditors did not offer to buy new passenger trains Lastochka (Swallow); the value of 60 trains is about 49 billion rubles.

Recall, on November 22 the interdepartmental working group on the development of rail transport, headed by Deputy Prime Minister Arkady Dvorkovich, took up the issue of raising Railways tariffs to 2% in December.

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