Russian President Vladimir Putin has expressed his disappointment in RusHydro’s hierarchy for their failure to act quickly on a recent fraud exposure at the company.

The hydroelectric power generation firm has launched an internal audit after a $33m alleged fraud was uncovered.
Vladimir Putin
A Russian Internal Ministry statement said that the said funds were sanctioned by for the construction of the Zagorsk Hydroelectric Pumped Storage Power Plant-2 in the Moscow Region.

The misappropriations were carried out through schemes involving a number of fly-by-night firms, added the statement.

The Russian interior ministry’s economic security department found that, Hydrostroi, the project’s general contractor, signed fake subcontracts with sub-companies and money was stolen after being transferred to their accounts.

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