New SIBUR fraud disclosed

The Transport Police revealed new cases of concealment of foreign currency revenues by the Siberian-Ural Petrochemical and Gas Company (SIBUR), the press service of the Transport Police reported.

A statement circulated by the press service today, says that they filed two criminal cases against the company, which had not remitted to its domestic accounts foreign currency revenues earned abroad. These cases are similar to the one filed on July 29, 2002. According to investigation materials, SIBUR signed a number of contracts on supplying synthetic rubber and other products of organic chemistry to an Austrian company in 2001 but no foreign currency revenues were transferred to accounts at authorized banks in set terms under these contracts. One of the cases deals with RUR354m (about $11.22m) in SIBUR's revenues, the other - with RUR53m ($1.68m). Eventually the company failed to meet the requirements of current Russian currency and tax legislation on returning export revenues to Russia.


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