Rusnano wants to admit through the court the fact of underestimation of its obligations under Chubais

“Rusnano” February 27 filed to the Moscow Arbitration Court a claim “to establish facts of legal significance.” “Vedomosti” citing a source, they report that the company wants to acknowledge the fact of revaluation of its liabilities in 2017 using a new methodology.

According to the publication, due to the revaluation, the debt of the development institution increased, which led to a deterioration in its financial condition. Then Rusnano transferred part of the loans from the “Liabilities” section of the balance sheet to “Additional capital”. Thanks to this, “on paper, the amount of debt was, in fact, reduced.”

According to a Rusnano representative, the involvement of the court is necessary to assess “individual circumstances” that led to “problems and questions.” He clarified that in 2016–2020, the company’s loan portfolio increased by more than 100 billion rubles, and in 2016, before the change in accounting policy, the size of Rusnano’s liabilities to creditors and holders exceeded the value of its assets.

On February 29, Rusnano’s lawsuit was accepted for proceedings. The defendants and third parties are not indicated in the court file. The company asks to involve the Ministry of Economy, the Ministry of Finance and the state corporation VEB.RF as other entities. The next meeting is scheduled for March 17.

Anatoly Chubais was Chairman of the Board of Rusnano from September 22, 2008 to December 3, 2020. In March 2022, Mr. Chubais left from Russia, after President Vladimir Putin signed a decree on his resignation from the post of special representative for relations with international organizations. In September 2023, Mr. Putin statedthat he doesn’t understand why Anatoly Chubais “fled” from Russia. At the same time, the President clarified that Rusnano “is undergoing complex processes, there is a big financial hole there.”

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Laura Keffer