Rusnano will meet 2015 financial targets, CEO Chubais claims

Rusnano will meet 2015 financial targets, CEO Chubais claimsRusnano, Russia?s nanotech giant, will meet by 2015 the financial objectives set out at the launch of the company despite all misappropriation allegations, CEO Chubais said.

Rusnano will meet by 2015 the financial objectives set out at the launch of the company despite all misappropriation allegations, said Anatoly Chubais, the CEO and president of Russia?s nanotech giant, as reported by news agency RIA Novosti. Under the original plans laid down back in 2007, by 2015 the companies Rusnano invests in are expected to have sales of at least $9.7bn a year, with Russia?s entire nanotech sector generating about $30bn worth of products. The Russian Audit Chamber has recently looked into Rusnano?s financial situation. For 2012, the company was found almost $775m in the red. Between 2007 and 2012, Rusnano is reported to have spent about $6.3bn. The Audit Chamber also found that $1.5bn, or 35.3% of the total amount invested in Rusnano?s projects, had been taken outside Russia to fund an array of international entities under the ?transfer of technologies into Russia? budget line item. In late April, Mr. Chubais publicly denied embezzlement rumor, saying that what the Audit Chamber had perceived to be a huge loss ?is not any loss but rather reflects possible investment risks...