Your trusted source

‘Haykakan Zhamanak’ daily says the office of Lenenergo – a daughter company of Russia’s Inter RAO EUS in Saint Petersburg – was closed. Russian financial police and an investigative agency raided the office yesterday.

According to the daily, this is a result of the current uproar over the activities of Electric Networks of Armenia (ENA) CJSC, due to which Russian law enforces started to pay more attention to other daughter companies of Inter RAO UES.

Law enforces also conducted searches of managers of Lenenergo and Tavrichesky Bank. Lenenergo had invested 16 billion rubles in that bank that later went bankrupt, and investigators see a risk of money laundering here.

Criminal proceedings were initiated, with some people detained, including former CEO of Lenenergo Denis Slepov.

“It appears that some daughter companies of AO UES, including ENA, have a rich experience of fraud, and audits are needed at those companies to confirm that. In 2014 alone Lenenergo sustained losses of 8 billion rubles - $148 million,” the paper says.