VEB.RF plans to pay 224 million rubles for a thorough examination of the financial and business activities of companies and the search for assets. The corporation aims to reduce the risks related to illegal asset withdrawal, conflicts of interest, and violations of anti-corruption standards in any jurisdiction.
The team working for VEB.RF will search for participants' assets in the state corporation's projects and identify the ultimate beneficiaries, their possessions, vehicles, and securities. They will also search for stolen assets in offshore locations. VEB.RF has been involved in scandals related to the withdrawal of loan tranches, leading to the arrest of top manager Anatoly Ballo and the placement of Ilgiz Valitov on the wanted list.
Nearly a year ago, VEB.RF, led by Igor Shuvalov, defended its business reputation. The situation arose when former employees Mikhail Tokranov and Yuri Litovkin filed complaints and appeals to state authorities after their dismissal. They reported numerous violations in VEB.RF's activities, as well as law violations by the corporation's employees. The former employees informed state authorities that VEB.RF regularly conceals financial violations, engages in illegal activities, and provides false information about its work. The state corporation was outraged, but the court did not support it. Mikhail Tokranov and Yuri Litovkin presented this information in complaints, and did not share it with the public. In addition, VEB.RF did not provide the court with evidence that the reputation of the state corporation was somehow affected by these complaints.
The complaints from former employees of VEB.RF have a less negative impact on the state corporation's reputation than its actual activities. The financial performance of VEB.RF subsidiaries indicates significant problems. By the end of 2019, VEB Capital incurred losses exceeding 8 billion rubles, with revenue of 9.6 billion and assets of 22 billion. Vyacheslav Solovyov, the head of VEB Leasing, became a defendant in a criminal case due to fraudulent contracts worth nearly 300 million rubles with a Moscow taxi fleet.
Initially, VEB.RF was supposed to become a development corporation. To achieve this, Igor Shuvalov joined the company, but under his leadership, it has not been possible to elevate the subsidiaries of VEB.RF to a new level. VEB Innovations was even criticized by the Accounts Chamber. Auditors questioned why the company's top managers awarded themselves large bonuses despite the absence of profits. Additionally, concerns were raised about Igor Shuvalov's focus, as it was reported that his wife transported her corgi dogs to exhibitions on a private plane and his young daughter earns over 170 million rubles monthly. Although as an artist at the Bolshoi Theater, Maria Shuvalova earns around 70 thousand rubles, she reportedly earns 2 billion rubles a year from the company KS Capital Asset Management, even though its net profit in 2018 was only 63 million rubles.
