State-owned Russian Venture Company, or RVC, did not invest government funds in venture projects in 2009-2010, but placed them in bank deposits, the Audit Chamber said on Tuesday.
"There are no indicators characterizing the efficiency of using stock capital contributions of the Russian Federation in innovation companies. The bulk of the funds was not invested in venture projects or innovation enterprises, but placed in bank deposits," the Audit Chamber said in a statement.
According to the Chamber's data, RVC's performance indicators do not meet the social and economic goals set by the government. RVC, set up in 2006, is meant to encourage the development of the Russian venture capital industry and boost the capital of venture capital funds.
In 2009, the Prosecutor General's Office also discovered that RVC had placed 85% of its stock capital in bank deposits.
MOSCOW, Aug 17 (RIA Novosti)
