Yan Ryazantsev and Mikhail Chuchkevich stole 1.3 billion rubles in venture capital

For the theft of budget funds, former member of the board of the Russian venture company Yan Ryazantsev and former senior adviser Anatoly Chubais in Rusnano and Mikhail Excholzhenko, partner of the former minister for Open Government Mikhail Chuchkevich, were arrested.
At the request of the Investigative Committee of Russia (SKR), the former director of the investment department and former member of the board of the Russian Venture Company (RVC), Jan Ryazantsev, was arrested. According to the investigation, together with Mikhail Chuchkevich - the former senior advisor of Anatoly Chubais in Rosnano and the partner of the former minister for Open Government, Mikhail Abyzov - he stole 1.3 billion rubles. under the pretext of investing in the creation of solar cells in the United States. The detainees do not admit their guilt, but the investigation is looking for new participants in the machinations.

The criminal case under Part 4 of Art. 159 of the Criminal Code of the Russian Federation (fraud in a particularly large amount) in March this year, instituted the second department to investigate particularly important cases of the Main Investigation Department (CSG) of the TFR in Moscow. The suspects and then the defendants were former top manager of RVC (state fund of foundations and institute of development of the venture market of the Russian Federation, one of the key instruments of the state in building the national innovation system), as well as a former member of the board of directors of the managing company Russian Venture Asset Management Ltd Yang Ryazantsev and member of the board of directors of Alion Energy Inc., co-founder of the venture capital company Bright Capital Mikhail Chuchkevich.

According to the investigation's version, in December 2012, Mr. Ryazantsev, knowing that the RVC is discussing the allocation of funds for the development of the company headquartered in Richmond, Alion Energy Inc. (specializes in developments in the field of robotics, automation of design and construction of solar power plants), entered into a criminal conspiracy with a member of its board of directors, Mikhail Chuchkevich. Then, as it was established during the investigation, from 2012 to 2016, Mr. Ryazantsev and Chuchkevich through the British fund RVC I LP transferred under the loan agreements in several tranches from the settlement account of RVC to PJSC "Binbank" $ 22.7 million to the account of Alion Energy Inc. According to the investigation, the transfer was carried out contrary to the decisions of the Board of Directors of RVC, which as a result did not see the economic feasibility of investing in an American company, which, as it turned out, was in a pre-bankruptcy state.

After the budget funds were in Alion Energy Inc., accomplices, according to investigators, transferred them to the accounts of other companies, cashed and appropriated. Damage of RVC in ruble equivalent amounted to almost 1.3 billion rubles.

The Lords Ryazantsev and Chuchkevich were detained by officers of the GKU SKR. Then they were charged with fraud, and the Presnensky District Court of Moscow granted applications for their arrests for two months. In particular, Mr. Chuchkevich was in jail because he had a residence permit in Ukraine, where, according to the version of the State Security Service of the Kyrgyz Republic, he could hide from the investigation and the court.

Representatives of Mr. Chuchkevich's defense refused to comment on the criminal case, but it is known that both defendants are not guilty of embezzlement. Their lawyers are going to appeal against arrests in the Moscow City Court. However, according to the investigation, their involvement in the fraud is confirmed by the testimony of witnesses and documents seized in the case. In addition, it is possible that in the case may appear new figurants. "This (Mr. Ryazantsev .-" Kommersant ") former employee, was dismissed last year. Investigative actions are conducted in connection with violations in the investment discipline, admitted in previous years. The company is interested in prompt and fair proceedings, "Kommersant has told RVC. The company will be recognized as a victim in a criminal case and will be able to file a suit against the accused for the amount of the kidnapped. Surrounded by ex-minister for Open Government Mikhail Abyzov, Kommersant said that the current activity of the venture capital company Bright Capital, where Mr. Chuchkevich was the partner, is no longer relevant.