Rusnano ready for litigation with its own project company
3 Oct '12
Russia’s nanotech giant, Rusnano, is filing its first-ever lawsuit against its own project company. Vladislav Mirchev, the largest shareholder of SUN Innovation Company, is suspected of using dummy companies and other schemes to siphon off more than $3m worth of company assets, portal Nano Digest reports citing Russian business monitor RBC daily.
Rusnano has inspected its project company, a maker of digital UV printers, and reportedly feels Mr. Mirchev also used acceptance credit to commit embezzlement, rechanneling SUN Innovation Company profit to his own distribution firm, the source says.
Rusnano and its other partner in the SUN project, Uralsib Bank, began the inspection after SUN Innovation Company failed to deliver on the fundamental KPIs from its business plan. All the findings will be passed on to legal investigators and litigation is imminent, the source says.
The prime suspect, Vladimir Mirchev, denies all the allegations. He claims he never misappropriated the above funds as he has not been involved in SUN management since late last year. According to him, the company’s failure to deliver on the KPIs stems from the fact that the business plan was put together before the 2008 crisis, but the company was able to pull it off even after the meltdown, and didn’t start lagging behind until 2010 only.