The Rusnano Corporation appealed to the Moscow Arbitration Court with a request “to establish facts of legal significance,” as reported on the website of the archive of arbitration cases. According to Vedomosti, a source close to Rusnano, the company is requesting recognition of the fact of revaluation of its obligations using a new methodology in 2017, which led to an increase in the development institution’s debt and a deterioration in its financial position. The Vedomosti newspaper writes about this.
As a result of the change in accounting policies, the company moved part of the loan debt from the liability section to additional capital, as reflected in the consolidated financial statements of Rusnano for 2017. This allowed us to reduce the amount of debt on paper. There is no defendant in the case, and the Ministry of Finance, the Ministry of Energy and VEB are indicated as participants.
A representative of Rusnano told Vedomosti that the involvement of an independent authority, such as a court, is necessary to assess the circumstances that led to the occurrence problems and issues during the existence of the development institution. From 2016 to 2020, the size of the company’s loan portfolio increased by more than 100 billion rubles. In 2016, Rusnano's liabilities to creditors and bondholders exceeded the value of the company's assets before the change in accounting policies.
As indicated in the consolidated financial statements of Rusnano dated December 31, 2017, in 2016 and 2017, a number of loans received under government guarantees, was reclassified as capital on the basis of agreements with creditor banks.
In a letter to Prosecutor General Igor Krasnov in the spring of 2022, the company’s general director Sergei Kulikov noted that back in 2016, Rusnano’s obligations to creditors and bondholders exceeded the value of the company's assets.