Prosecutors drop charges against Skolkovo Foundation

MOSCOW. Nov 16 (Interfax) – The Russian Prosecutor General’s Office has dropped its charges against the Foundation for the Development of the Center for the Elaboration and Commercialization of New Technologies (Skolkovo Foundation) after the latter corrected the violations uncovered earlier, the Prosecutor General’s Office said on Saturday.

“The management of the non-profit organization Foundation for the Development of the Center for the Elaboration and Commercialization of New Technologies (Skolkovo Foundation) has taken exhaustive measures to remedy the violations uncovered earlier by prosecutors. At the present time, the Prosecutor General’s Office has no significant questions for the Foundation management,” it said.

The Prosecutor General’s Office reported earlier that it had uncovered gross irregularities in the Skolkovo Foundation’s operations. “The Foundation did not provide appropriate governance and coordination of the project, which led to uncontrolled expenditures and damage done to the Foundation and the interests of the country,” a Prosecutor General’s Office said in a statement on October 30.

Inspections exposed multimillion damages caused to Skolkovo and the Russian budget, it said.