Russia's Audit Chamber finds unjustified spending at "Resorts of Northern Caucasus"

The Audit Chamber of the Russian Federation has revealed facts of unreasonable and inefficient use of funds at the Open Joint-Stock Company (OJSC) "Resorts of Northern Caucasus" the auditor Sergey Agaptsov said today. According to his story, the funds allocated from the state budget to the company had essentially exceeded its actual needs.

Spending of funds by the OJSC "Resorts of Northern Caucasus" was ineffective on many items, Sergei Agaptsov said today at a press conference on the results of inspections. According to his story, only payment of flights of the personnel and members of the board of directors in 2011-2012 made two million euros (over 80 million roubles).

The auditor of the Audit Chamber of the Russian Federation also said that the cost of leasing the office space and the expenses on official vehicles and staff housing totalled 188.1 million roubles, and compensations of expenses of the members of the board of directors made about 22 million roubles, the "Interfax" reports.

In this case, according to the Chamber, the implementation of the investment plan of the "Resorts of Northern Caucasus" in 2011 was 54%, in 2012 – only 21.2%, the "RIA Novosti" reports.

The Acting Director General of the "Resorts of Northern Caucasus" Alexei Sadikov said today that the drawbacks revealed by the Audit Chamber will be considered and eliminated, the "Live Kuban" reports.