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Corporate New Year Parties Over After Kremlin's Barb
December 19, 2013 19:27

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The party’s over after for many state-run companies after the Kremlin indicated it’s wrong to use taxpayers' money to pay for lavish New Year celebrations.
Most of them had to cancel their orders, with some losing the advance payment.
The criticism came at a convention of the Russian Popular Front, a political movement set up by the Kremlin to distance itself from the waves of discontent leveled against the United Russia party.
During the convention, Alexander Brechalov, president of the Opory Rossii, or the Pillars of Russia, complained about state-controlled companies throwing New Year parties at the expense of the taxpayers.
Here’s the list of the top spenders who were forced to call off their celebrations.
1. VEB, or Vnesheconombank, was planning a New Year party worth RUR 50 million.
2. VTB, Russia’s second largest lender, earmarked RUR 47.9 million.
3. Russian Railways placed an order for a banquet for 1,200 guests, including 400 VIP guests, worth almost RUR 45.5 million.
4. RN-Yuganskneftegaz was looking to spend RUR 26 million on a New Year party.
5. Sberbank was ready to cough up RUR 25 million for a feast at ExpoCenter in the heart of Moscow.
6. Bank of Moscow, which had to be bailed out in 2011 by VTB due to massive fraud schemes, was going to spend RUR 18.8 million on a concert featuring music and dance bands, a circus routine, a laser show and an orchestra.
7. Gazprom Dobycha Astrakhan, Gazprom’s subsidiary developing a gas condensate field in the south of Russia, reserved RUR 18 million for a number of concerts to celebrate four holidays, including New Year.
8. Rostelecom, the national landline operator, which got in the spotlight over the RUR 220 million bonus to the outgoing CEO, set aside a generous RUR 34 million to delight its staff at the end of 2013 at the Crocus Hall expo center.
9. Transtelecom was ready to pay RUR 14 million for a concert featuring Russian pop stars like Valery Meladze or Grigory Leps.

10. The Agency for Housing Mortgage Lending, Russia’s Fannie Mae, earmarked RUR 11.5 million. 

Author: Mikhail Vesely

Tags: Russian companies New Year    

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