Fraud case launched over Sochi 2014 Olympic projects

August 9th, 2012 - 9:22 pm ICT by IANS  

Moscow, Aug 9 (IANS/RIA Novosti) The investigation of the first fraud case over the finances of the Sochi 2014 Winter Olympics has been completed and will soon go to court, the Russian Interior Ministry said Thursday.

The ministry press centre said criminal proceedings were initiated in June over an attempted embezzlement of public funds.

“One case concerns the construction of an Olympic bobsleigh run,” the press service said, adding that a group of executives from the Mostovik construction firm had attempted to pocket 2.5 billion rubles by inflating construction costs.

Another case involved an attempted misappropriation of 5.6 billion rubles from the central stadium project.

Besides, there are several ongoing investigations into possible fraud and cost overruns, including an ice palace for figure skating and hockey whose budget has expanded from the original 5.6 billion rubles to 9.6 billion.

–IANS/RIA Novosti

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