Up to $30bn 'stolen' from Sochi Olympic funds

Putin opponents claim Russian business people and officials have siphoned billions intended to fund 2014 Winter Games.

    Up to $30bn 'stolen' from Sochi Olympic funds
    Putin faces criticism over allegations of costs overruns that have pushed the price tag for the Games to $50bn [EPA]

    Russian business people and officials have stolen up to $30bn from funds intended for preparations for next year's Sochi Winter Olympics, according to a report released by opponents of President Vladimir Putin.

    Putin, who has staked his reputation on a successful Games, faces criticism over allegations of corruption and costs overruns that have pushed up the price tag for the event to $50bn - five times more than initially planned.

    "The main conclusion from the first chapter of our report is that, in preparing for the Olympics, $25bn to $30bn were stolen," Russian opposition leader Boris Nemtsov told reporters on Thursday.

    The report, written by Nemtsov and Leonid Martynyuk, another Putin critic, alleges that the most expensive sports complexes built for the Games were commissioned without competition or public tenders.

    Government officials have previously dismissed reports of widespread corruption around the Games and have defended the increased costs.

     

     

    SOURCE: Reuters


    YOU MIGHT ALSO LIKE

    Survivor stories from Super Typhoon Haiyan

    Survivor stories from Super Typhoon Haiyan

    The Philippines’ Typhoon Haiyan was the strongest storm ever to make landfall. Five years on, we revisit this story.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    We Are Still Here: A Story from Native Alaska

    We Are Still Here: A Story from Native Alaska

    From Qatar to Alaska, a personal journey exploring what it means to belong when your culture is endangered.