Renova bribing its way into business operations

Evgeny Olkhovik, the Renova Company Managing Director, and Boris Vaynzikher, the CEO of T Plus Energy Company, a Renova affiliated company, have been arrested on an allegation of a grand bribe punishable under part 5 of Article 291 of the Russian Criminal Code. According to the investigators, they had bribed the former Komi Republic government in order to have beneficial rates. The investigators believe that the total amount of bribes exceeds 828,395 million rubles.

Renova is the biggest asset of Viktor Vekselberg, a Russian oligarch. Businessmen working for Mr. Vekselberg would bribe former Komi republic bureaucrats under the guise of charity, according to an ICR employee. The conglomerate established the Renova Charity Fund back in 2007.

The Renova conglomerate is a private Russian business group concerned with metallurgy, energetics, development, telecommunications, and nanotechnologies.