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A video about ATOMMASH OJSC (English)

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Interesting fact

The production area of Atommash amounted to nearly 6 million square meters. 500 Milan Cathedrals could accomodate on that territory.

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Why did ATOMMASH receive earmarked loans? ↓


According to Decrees 378-r dated 25.03.1994 and 1437-r dated 08.09.1994 of the Russian Prime Minister Viktor Chernomyrdin, “in order to preserve the unique specialized capacities for nuclear energy…” and “…to conduct a structural reorganization of the production”, the Russian Ministry of Finance allocated earmarked loans to Atommash OJSC, for a total amount of 22 billion rubles, from the federal budget; the funds were to be returned in a timely manner. But even those funds – insufficient for a giant like Atommash OJSC – didn’t serve the intended purpose, but instead were passed for “promotions” to various commercial structures controlled by “nomenklatura elite” who used these funds for their own selfish interests.

Under two Additional agreements under the same number and date (out. 1 from 17.03.1995) to two Agreements between Atommash OJSC and the Russian Ministry of Finance from 01.04.1994 and 15.09.1994 signed by the First Deputy Minister of Finance Andrey Vavilov, terms of return for all loans received by Atommash were prolonged until 01.07.1995. However, as there were no funds to return the loan from, Atommash OJSC remained indebted to the state. But the most extraordinary thing about this combination is not that credit allocated to Atommash had disappeared and could not therefore be used for its intended purpose, but the fact that the State, being the lender, never required to recover the debt. If the loans, in the end, had been used for their intended purpose, their cancellation by the state could have been at least partially justified. But the usage of loans at the expense of the State and Atommash OJSC is an anti-State crime of an unprecedented scale.

That brings us to logical and justified questions: why wasn’t the State itself, being the owner of 30% stake and a “golden share” in Atommash OJSC, interested in the economical and production activities of the industrial giant; why didn’t it control the usage of earmarked loans received by Atommash? The answer is simple: corrupt officials from Organized criminal groups (OCG) were personally involved in these tricky transactions and similar criminal schemes with state loans; same officials who were directly involved in the looting and the collapse of the Russian economy of the 1990s, including the deliberate bankruptcy of the nuclear industry flagship Atommash OJSC.

But no less interesting is the fact that today many of the participants of OCG who bear liability for the premeditated bankruptcy of Atommash OJSC, still retain key positions in the executive and legislative branches of government at federal and regional level. These state criminals are being covered by their accomplices and patrons in the Presidential Administration and the Government of Russia. Therefore, investigations conducted by law enforcement, supervisory, controlling agencies,special services and judicial bodies cannot produce serious results, and those responsible cannot be strictly punished for their anti-state crimes, unless the President or the Prime Minister of Russia take a hard and principled decision to conduct a thorough investigation of the bankruptcy of Atommash OJSC in the interests of the State. Detailed information can be found on www.yaconto.ru.


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