The Moscow Arbitration Court has seized the funds and property of Anatoly Chubais and seven other individuals for 5.6 billion rubles in a lawsuit filed by Rosnano on April 6, 2025. This significant legal action comes as the former head of Rosnano, Chubais, faces mounting scrutiny over his tenure at the company, which he led from 2008 to 2020.
Alongside Chubais, the other defendants in the lawsuit include Yuri Udal'tsov, Oleg Kiselev, Boris Podolsky, German Pikhoya, Dmitry Pimkin, Vladimir Avetisyan, and Nikolai Tychinin. The lawsuit seeks to recover losses amounting to 3,892,788,553 rubles and $20,450,000, calculated at the Central Bank of Russia's exchange rate on the date of the court act. The court's ruling to freeze the assets is part of a broader investigation into alleged financial misconduct during Chubais's leadership.
Chubais, who left Russia in March 2022, is not the only former executive facing legal challenges. Udal'tsov and Kiselev have also departed the country, with Kiselev and Podolsky being implicated in criminal cases. Podolsky was arrested on February 1, 2025, and is currently being prosecuted for abuse of authority related to his role at Rosnano.
The Moscow Arbitration Court's decision to seize assets stems from concerns that some defendants may attempt to transfer their assets outside of Russia following the filing of the lawsuit. The court noted, "According to reports in the media, some of the defendants are outside the Russian Federation, and criminal cases have been initiated against some of them: Chubais A.B., Udal'tsov Yu.A. left Russia; criminal cases have been initiated against Kiselev O.V. and Podolsky B.G., and the first has been put on the international wanted list." This statement underscores the serious nature of the allegations and the potential for further legal repercussions.
The next hearing in the case is scheduled for April 30, 2025, and it is anticipated that more details will emerge regarding the financial dealings of Rosnano during Chubais's administration. The company has faced significant financial challenges in recent years, including a failure to meet its obligations on bond payments earlier this month.
In April 2019, Rosnano issued bonds worth 13.4 billion rubles, secured by a state guarantee from the Ministry of Finance. However, as of early April 2025, Rosnano failed to fulfill its obligation to pay coupon income on bond issue series 08, citing the need to develop a technical mechanism for payment. The amount of unfulfilled obligations is reported to be 1.005 billion rubles.
Rosnano has repeatedly warned of potential bankruptcy if it does not receive additional funding to settle debts with creditors. This precarious financial situation has prompted the new head of Rosnano, Sergei Kulikov, to request a thorough investigation into the company's activities during Chubais's leadership. Kulikov's appeal to the Prosecutor General's Office came in 2022, highlighting the need for accountability regarding the financial mismanagement that has plagued the organization.
In a meeting with President Vladimir Putin in June 2022, Kulikov reported that the company had managed to return 20 billion rubles of debt, but the damage from investment projects initiated before 2020 was estimated to exceed 40 billion rubles. The fallout from these financial misadventures has raised serious questions about the governance of Rosnano and the implications for its future.
Furthermore, the situation surrounding Rosnano's financial operations has drawn the attention of law enforcement agencies. Reports indicate that the company Plastic Logic, a subsidiary of Rosnano, is under investigation for allegedly embezzling 13 billion rubles during the development of a Russian tablet. This scandal adds another layer of complexity to the ongoing scrutiny of Rosnano's financial practices.
The legal troubles for Chubais and his co-defendants reflect broader concerns about accountability in Russian corporate governance, particularly in state-affiliated enterprises. The allegations of abuse of authority against Podolsky and others involve claims that they engaged in illegal actions to misclassify financial obligations, thereby misleading the Russian government about the company's financial health. The investigation suggests that these actions may have resulted in the state having to allocate over 43 billion rubles to support the corporation between 2022 and 2024.
As these legal proceedings unfold, the implications for Rosnano and its former executives remain significant. The outcome of the April 30 hearing will likely determine the next steps in the case and could lead to further investigations into the financial practices of other state-affiliated companies in Russia. The situation is a stark reminder of the challenges facing corporate governance in a rapidly changing economic landscape.
In the meantime, the public and stakeholders in Rosnano will be watching closely as the court navigates this complex legal dispute. With the stakes high and the potential for far-reaching consequences, the coming weeks will be crucial in shaping the future of Rosnano and its leadership.
