15 billion rubles (some $500 million) of state funds were stolen during the preparations for the APEC summit near Russia’s Vladivostok, an investigation of Russia’s Accounts Chamber has revealed.
Some of the embezzled money was also earmarked for developing the country’s Far East and Zabaykalye regions over the span of 2008-2012.
An audit showed that only 23 of the planned 67 facilities have been open as of September 1. State tender holders failed to get a positive expert opinion on their documentation and construction quality and left two five-star hotels, an opera and many other APEC venues unfinished as the summit kicked off last summer.
http://english.ruvr.ru/2012_11_13/15-billion-rubles-stolen-during-APEC-summit/
http://www.ach.gov.ru/ru/news/13112012/ (document)
UPDATE:
Head of Russia’s Perm region arrested over APEC scam
http://english.ruvr.ru/2012_11_12/Russia-s-Perm-region-head-arrested-over-APEC-scam/
http://english.ruvr.ru/2012_11_13/15-billion-rubles-stolen-during-APEC-summit/
http://www.ach.gov.ru/ru/news/13112012/ (document)
UPDATE:
Head of Russia’s Perm region arrested over APEC scam
http://english.ruvr.ru/2012_11_12/Russia-s-Perm-region-head-arrested-over-APEC-scam/
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