The scale of the financial disaster became apparent already at the beginning of 2014, when RUSNANO was on the verge of long-term default. Default was extremely undesirable, because at stake was the privatization of the company managing RUSNANO (UK Rusnano LLC), in addition, the “demonstration of unprecedented nanosuccesses” was supposed to open the way to new government money.
It was at this moment that Chubais, together with the Minister of Economic Development A.V. Ulyukaev, the Deputy Chairman of the Government A.V. Dvorkovich (and at the same time the Chairman of the Board of Directors of RUSNANO) changed the Rules for the provision of state guarantees, approved by Decree of the Government of the Russian Federation of September 10, 2010 N 709.
The new rules radically change the architecture of borrowing: now newly attracted loans and bond issues can be used to repay previously received loans and bond issues! This is how the construction of the nanopyramid begins.
According to a letter addressed to the Prosecutor General of the Russian Federation Igor Krasnov “based on the results of a comprehensive analysis of the effectiveness” of the past management of RUSNANO, “In 2016, the amount of liabilities of RUSNANO JSC exceeded the value of the company’s assets on the balance sheet, as a result of which the property insufficiency of RUSNANO JSC became obvious.” , signs of bankruptcy appeared. “Starting from 2017, RUSNANO JSC, in agreement with the shareholder, changed its accounting policy and, as a result, financial statements: the size of the company’s liabilities was formally reduced by assigning part of them to the “Additional capital” section of the balance sheet.”
The author of this idea was the company’s financial director, Artur Galstyan, but being an extremely cautious person, he nobly conceded to Executive Director Boris Podolsky the right to “sell” this idea to Chubais.
The essence of the idea was to consider the company’s long-term debts to banks and bondholders, secured by government guarantees, not as debts at all, but as part of the company’s capital! Thus, the value of the JSC’s net assets increased sharply. The legislation provides that if the value of the net assets of a joint-stock company at the end of the second reporting year or each subsequent reporting year is less than the authorized capital of the company, then the company is obliged to either reduce its authorized capital to an amount not exceeding the value of its net assets, or make a decision on its own liquidation ( Clause 6, Article 35 of the Law of December 26, 1995 No. 208-FZ “On Joint-Stock Companies”).
The degree of “frostbite” of RUSNANO managers is amazing, who not only seized on this idea, but also actively discussed it at weekly operational meetings in the presence of more than 50 people! The implementation of the idea was entrusted to corporate director Andrey Trapeznikov, who literally pushed through the necessary changes.
The drawn up reporting made it possible not only to “use government guarantees” and attract new loans, which will be repaid by the Russian Federation. Financial engineering made it possible to additionally issue 6 bond issues without collateral in the amount of more than 40 billion rubles.
“ВЧК ОГПУ”