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What Threatens Abramovich
May 27, The Accounts Chamber Panel considered the audit results of budget money use in 2003 in Chukotka on May 21. Resulted may be divided into 3 groups.
First. Improper use of budget money exceeding 1 billion rubles. Article 2851 of RF Criminal Code as of December 2003 envisages serious punishment for the crime. Improper use of budget money exceeding 7.5 million rubles entails a penalty of 500,000 rubles or up to 5 years of imprisonment, which means Mr. Abramovich may get to plank bed, of course if prosecutor’s office institutes proceedings against him and the jury passes the sentence.
Second. Tax evasion scheme. Sibneft company controlled by Abramovich registered friendly financial structures in Chukotka. They were exempted from about 20% of taxes they had to pay to the local budget. Instead, they were lawfully obliged to invest 50% of their revenue to the region, which of course, was not always done.
Third. Chukotka has debts twice exceeding its budget. In this case the region may be declared bankrupt with introduction of financial management from the center.
However, the Accounts Chamber has just ascertained all the violations and passed the documents to the public prosecutor. Whether charges will be brought against Abramovich is yet unclear. Prosecutor’s office will think twice before doing that after the European Court declared the activities of Russia’s law-enforcement agencies against Gusinsky illegal.
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