Putin threatens to stop financing of Roldugin’s Fund

Putin threatens to stop financing of Roldugin’s Fund
Sergey Roldugin and Vladimir Putin

The Talent and Success Fund, on the basis of which the children's educational center Sirius in Sochi works, is suspected of inefficient use of the funds allocated to it. This was stated by Russian President Vladimir Putin at the Government meeting on November 2, Interfax reported.

"We have transferred three hundred million rubles there, yet 15% of the money are used only. This fact means that the Fund is not managed properly, or it does not need so much money. So, the money should be used for other purposes. There are other objects of the social sphere, where the money could be transferred”, - the Head of state said.

In late October, the Director of the Finance Department of the Ministry of Education Andrey Zarubin said that the amount of subsidy for the Talent and Success Fund would be increased.

"This fund is an important project. 600 talented children, 200 mathematicians, 200 creative professionals, 200 athletes arrive to Sochi. They are best from all over the country. Financing of the fund is increasing, as well as expenses on the grants are growing. Grants are paid to talented children: additional 288 million rubles in 2017, 576 million in 2018, and 784 million in 2019 were allocated for this purpose," - he noted.

According to RBC, in the draft law of the State Duma Committee on Physical Culture, Sports, Tourism and Youth Affairs on the budget for 2017-2019 years, more than 1 billion rubles is allocated to the Talent and Success Fund. It is planned that in 2017 the fund will receive 576 million rubles, in 2018 - 284 million rubles, in 2019 - 205.5 million rubles.

The Board Chairman and one of the founders of the Talent and Success Fund is cellist Sergey Roldugin. In spring of 2016, his name appeared in the Panama Papers - the​​ database of the owners of offshore companies published by the International Consortium of Investigative Journalists (ICIJ). Journalists found the cellist’s $ 2 billion in offshore. Putin admitted that Roldugin is engaged in business, but makes little money, which is spent on musical instruments for the Russian musical organizations. Kremlin emphasized that all transactions of the musician’s firms are legal.

Tags: Moscow Putin
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