Assets of 12 Ex-Rosnano Managers Seized to Recover $156M in Losses

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Russian court bailiffs have initiated enforcement proceedings with asset seizures against former top executives of state corporation Rosnano, demanding compensation of 11.9 billion rubles ($160 million) in damages, according to TASS.

The damages stem from losses incurred during the implementation of the Crocus project, which aimed to establish a production facility for magnetoresistive random-access memory (MRAM) in Russia but was never completed.

Among the defendants are former Russian Minister of Economy Yakov Urinson (over 8 billion rubles worth of assets were seized), executive director of Rosnano management company Boris Podolsky (6 billion rubles), and others.

Additionally, a separate court ruling imposed a precautionary seizure on the bank accounts of former Rosnano CEO Anatoly Chubais, who is currently outside Russia, for a total amount of nearly 11.9 billion rubles. Bailiffs have also initiated enforcement proceedings to seize his property.