No more slacks from Putin? Tougher rights for Roldugin fund's budget subsidies

No more slacks from Putin? Tougher rights for Roldugin fund's budget subsidies
Head of Talent and Success fund Sergey Roldugin

Now, the fund's applications are notifying, the size of subsidies in which the fund determines independently.

The Government is preparing a draft decree that will prevent the fund of cellist Sergey Roldugin Talent and Success from independently determining the size of the budgetary subsidies. RBC reports that the Ministry of Education and Science is preparing the relevant amendments. According to the document, the supporting fund for gifted children will be deprived of the right to receive funds from the budget by giving a notice and independently determine the amount of subsidies. However, the resolution does not specify who will regulate the amount of subsidies to the fund.

Roldugin’s fund became widely known after the publication of the Panama Papers in April last year. It turned out that in 2008 Panama's International Media Overseas SA (IMO) company, whose sole owner was Roldugin at that time, sold 70.000 Rosneft shares to British Virgin Islands corporation Delco Networks SA (Delco) for a little more than $800.000. Commenting on the Panamagate, President Vladimir Putin said that he did not see any sign of corruption in his friend cellist Roldugin having offshore companies.

However, in November 2016 Putin, who is also a member of the Board of Trustees of Center for Gifted Children Sirius established by Talent and Success Fund, lambasted the organization for careless expenditure of funds. "They took three hundred millions away, and only 15% are used. They should either work properly for development, or so much money is not needed, and it should be allocated for other purposes; there are always other fields where this money is necessary", – Putin said.

According to applications submitted earlier, it was revealed that in the next 3 years Talent and Success Fund would receive almost 5.6 billion rubles ($98m) from the budget. At the same time in 2015 the organization spent 10.2 billion rubles ($179m), according to a report on the website of the Ministry of Justice. Most of the funds – 6.4 billion rubles ($112m) – were spent on "the purchase of fixed assets, implements and other property for conducting statutory activities". Another 2.7 billion rubles ($47m) the fund spent on "the acquisition of the right to lease a land plot for the placement of real estate for conducting statutory activities".

Now, Roldugin’s Fund will be obliged to report quarterly and annually on the expenditure of the money given. The organization is to return the funds not used till the end of the year to the budget. In addition, the draft of the government decree for the fund provided fines if the fund does not reach the "performance specified in the agreements". However the Ministry of Education and Science also provides for certain indulgences. Thus, fund Talent and success will be allowed to buy foreign currency for budget money. However, the press service of the fund said that they did not plan to buy currency.

Experts are studying the draft decree. Then the fund will send its comments to the developer.

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