Central Federal District of the Russian Federation
Mikaberidze Georgy Aleksandrovich
The Rosinfokominvest is the Russian public investment venture fund of 1.45 billion rubles. The fund can invest no more than 150 million rubles in each project. Private investors had to participate in them: according to the government decree they should make not less than a half of investments.
Using fund it was going to finance venture IT projects, however for lifetime by July, 2015 the fund did not make any profile investment. Instead money was placed on bank deposits and was spent for acquisition of securities.
In May, 2013 the investment policy of Rosinfokominvest was reoriented on development of the beginning IT companies with partners from among commercial venture funds. The capital of fund is 1.45 billion rubles, management company of fund is Leader UK Ltd.
Conditions for partners
The venture funds or their management companies controlling assets a minimum of 300 million rubles can become partners of Rosinfokominvest.
To applicants also other demands are made. Among them:
- existence in Russia of office not less than with three employees and the head with considerable experience in the field of ICT;
- the investments made not less than a one years ago for the amount over 180 million rubles in not less than five ICT companies as a part of which founders the share of citizens of the Russian Federation exceeds 20%;
- an opportunity to invest more than 150 million rubles in the ICT company.
Besides, no more than one thirds of means under control of the partner can be directly provided from the budget of the Russian Federation or from means of the companies, share of the Russian Federation in which keeps more than 50%.
Investment of means into projects of partner funds of Rosinfokominvest will be performed at the expense of a contribution to authorized capital of operating companies of the projects created under Russian law in the form of private companies. Total investment volume into all projects offered by one partner cannot exceed 90 million rubles. Investment volume into the separate project cannot be less than 10 million or more than 30 million rubles.
Projects should be paid back within four years, have internal rate of return not less than 100%, the pure discounted cash flow should exceed the investment volume of public foundation more than by 10 times. At the same time Rosinfokominvest will select only 50% of the amount of investments, the partner should enclose the rest.
Rosinfokominvest can act as the co-investor at 40-80 projects. An important condition of transactions is an opportunity to redeem a share of public foundation, having provided for it profitability only of 8% per annum. Thus, receiving joint financing in projects from public foundation considerably increases internal rate of return of investments for the partner.
Since September, 2010 the Capital company was management company of fund.
Since 2012 the Rosinfokominvest fund is under control of UK "Leader". According to the source, familiar with a situation, one of the reasons of change of UK there was disagreement of management of venture fund with the investment policy of UK "Kapital". One more tender for the choice of UK which was won by Leader company was as a result held.
After this UK "Leader" began security sale which to it on money of Rosinfokominvest were purchased by UK "Kapital": stocks of MTS (0.27% of turnover at the exchange), VimpelCom (1.82%) and "Tele2" (3.16%). On proceeds of UK "Leader" she intends to enter the capital of venture projects — Rosinfokominvest for this purpose was initially created.
On May 15, 2012 it became known that the management Rosinfokominvest doubted legitimacy of actions of UK "Kapital" for management of its assets. According to RBC daily sources, at the beginning of April, 2012 the fund sent to FFMS the letter to deal with a request whether had the right of UK to buy bonds of large telecommunication companies "VimpelCom" MTS, "Tele2" and also "Armadas", the interlocutor in the government says. In the fund charter it is stated that its funds should be allocated in investment of venture projects.
Its version is confirmed also by a source from Rosinfokominvest. "At the moment we do not state any charges to Capital, however the Board of Directors of fund made the decision to send the letter to FFMS with a request to check legitimacy" — he claims.
The interlocutor of RBC daily in UK "Kapital" is aware of existence of this letter, however personally did not read it. "I do not understand why to us a claim on this matter is made. Initially we made temporarily available funds. We bought securities on which last year we gained income of 100 million rubles" — he is perplexed.
Remuneration UC (UK "Capital") was 2% of the net assets value of fund.
As of June 30, 2013 in management of Leader Ltd there are assets for the amount more than 420 billion rubles, this volume provides to the company the first position in the rating of management companies on the amount of funds in the management which is carried out by RAEX rating agency. The main activities of Leader Ltd are trust management of pension means of NPF, means of insurance companies and pension savings of citizens, asset management open and closed-end investment funds and also public-private partnership.
Foreign experience of similar projects
The public venture funding should pull for itself private, the managing partner of Almaz Capital Alexander Galitsky (September, 2010) considers. In the 1970th the American state invested in Silicon Valley about $4.2 billion a year, and private investments were measured by hundreds of millions. In 2007 the state still invested $4.2 billion in the valley, but private equity invested $32 billion, Galitsky reminds.
2019: The Rosinfokominvest does not contribute to the development of technologies
The Russian investment fund of information and communication technologies (Rosinfokominvest) during operating time could not implement the purposes for which it was created,  report the press center of Accounts Chamber of the Russian Federation according to the results of check of efficiency of use of the budgetary funds allocated as a contribution of the Russian Federation to authorized capital of JSC Rosinfokominvest.
The fund was created for development of the Russian industry of information and communication technologies as one of the priority directions of upgrade of economy of Russia. Exists since 2007. Check showed that for the last 10 years of work the Rosinfokominvest invested one project.
"Tasks of Society as financial institution of development are not executed, full investment activities is absent. In 10 years the Rosinfokominvest invested means only in one project in the field of information and communication technologies while 14 were planned. The volume of the invested capital was 75 million rubles at the plan of 1.2 billion rubles", - the vice-chairman of Accounts Chamber Vera Chistova told.
1.45 billion rubles of investments from the federal budget were made in the authorized capital of fund during its creation. It was expected that they will be returned as a result of alienation of actions to private investors. Besides, it was expected that the federal budget will be replenished at the expense of additional tax revenues from activity of fund in the amount of 813 million rubles a year. However real annual average tax revenues did not exceed 26.46 million rubles, and dividends in 10 years were 44.8 million rubles. At the same time during the period from 2011 to 2014 the fund was unprofitable. From 2017 to 2019 assets of Rosinfokominvest in a dollar equivalent fell in price by 60%.
RoboETF - the platform solution integrating the European platform on release of exchange-traded investment funds (ETF - Exchange Traded Funds) and technology of a robo-edvayzing, i.e. the automated "financial advisor" for creation and management of an investment portfolio became the only project implemented by fund.
At the same time justification of investments made in it and the gained economic effect are estimated by Accounts Chamber as ambiguous.
Especially for financing of the project in 2017 the JSC Roboinvest company with the offshore co-investor was created. It was going to use it for transfer through means to the owner of the rights to the project - FINEKS Plus Management Company LLC, upon 98% of authorized capital of the created JSC Roboinvest (148 million rubles) it was transfered to account the company registered on the Cayman Islands, which is not incorporating neither workers, nor heads and being the mediated owner "FINEKS Plus". Return of money to the Russian Federation is documented only for 50%.
At the beginning of 2018 the Rosinfokominvest ahead of schedule left the project with return to through the foreign company - the guarantor of money in the amount of 87.7 million rubles. At the same time the coefficient of an investment payback (ROI) made minus 1.8% (are settlement), i.e. expenses exceeded the gained income.
By estimates of Accounts Chamber, negative result of activity of Rosinfokominvest - a consequence of non-performance of the duties by governing bodies of fund, untimely management decisions, not settled issues at stages of preparation of the regulatory legal acts regulating activity of JSC Rosinfokominvest.
"Change of current situation is impossible without the weighed and reasoned decision of the founder and the interested departments about expediency of continuation of activity of JSC Rosinfokominvest. At the same time the decision should be made taking into account determination of extent of influence of Society on system development of the industry of ICT and also in comparison with opportunities of other financial institutions of development and their work experience in this sphere", - Vera Chistova summed up.
Based on check the decision to send information letters to the Government of the Russian Federation and the Ministry of Telecom and Mass Communications of the Russian Federation and also to address FAS is made. The report on results of a control action is sent to chambers of Federal Assembly.
2016: The Rosinfokominvest will invest in Kribrum
The Rosinfokominvest fund belonging to the Ministry of Telecom and Mass Communications together with Infowatch company is invested in development by Igor Ashmanov's Kribrum (is engaged in monitoring and the analysis of social networks). Write Vedomosti with reference to own source familiar with the course about it put.
The fund under control of the ministry was created in 2006, but in did not make any profile investment into the IT sector from now on. The last ten years Rosinfokominvest only placed money on bank deposits and directed them to acquisition valuable boom.
However, as the CEO of fund Rodionov Pavel noticed, Rosinfokominvest changed: earlier it could not invest in Ltd company, he could not purchase less than a quarter in shares of this or that company, and for transactions the fund had to find the co-investor. These restrictions were imposed by a form of joint-stock investment fund which Rosinfokominvest refused in May of this year, having become normal non-public joint-stock company.
That Kribrum, the company for 45.8% belongs to the founder of Ashmanov and Partners company Igor Ashmanov and for 29.17% - his wife and the owner of Infowatch Natalya Kasperskaya.
According to one of sources, within the transaction Rosinfokominvest invests in Kribrum more than 150 million rubles in exchange for a share in the company. Infowatch invests slightly more. This money will go for the international expansion Kribrum.
The State Office of Public Prosecutor suggested to liquidate Rosinfokominvest
According to the State Office of Public Prosecutor the Rosinfokominvest is inefficient, and actions of the management can form the basis for criminal proceedings. In April, 2015 to the President and the Government of the Russian Federation the offer on liquidation of the Russian investment fund of information and communication technologies and return of the means transferred to it to the federal budget is made.
As the Prosecutor General Yury Chaika reported, the Rosinfokominvest is an example of how means of the state actually serve not the purposes of development of economy, and increase liquidity of a banking system and stock market participants. For 7 years the fund did not perform function of implementation of long-term investment projects and support of the new enterprises at all, Chaika said. Nearly 1.5 billion rubles received from the state were placed on bank deposits, were spent for acquisition of securities. In some cases it led to losses. On one of such transactions they made 184 million rubles. At the same time on the maintenance of the organization, the average list of 5 people, spent 200 million rubles.
On the matter to the president and the Government of the Russian Federation the offer on liquidation of fund and return of the means transferred to it to the federal budget is made. However it is not supported by the profile Deputy Prime Minister. The decision on possible prolongation of term of work of fund is made, also the Prosecutor General reported. He also said that materials of check were directed by the State Office of Public Prosecutor to Investigative department of the Ministry of Internal Affairs of the Russian Federation for criminal proceedings and check in the investigative way of circumstances of damnification to fund which only shareholder is the state.
Criminal case against managers of Armada and UK "Capital"
In July, 2015 it became known that against "unidentified persons" from the former management of Armada and UK "Capital" criminal case according to Article 165 of the Criminal Code of the Russian Federation is brought (causing property damage by deception or confidence abuse). According to the resolution on initiation of proceedings during the period from December 22, 2010 to December 31, 2011 as a result of their actions "damage" in the amount of "not less than 184 million rubles" was caused to Rosinfokominvest fund. The fact of initiation of proceedings was confirmed by the representative of the Ministry of Internal Affairs in Moscow.
In 2010 the fund signed the trust management agreement with UK "Capital" – the company could manage reserves of fund for the amount of 1.3 billion rubles, said in the resolution on criminal proceedings. In 2011 UK took shares of Armada on 413 million rubles, despite forecasts of falling of cost of papers. Instead of making the received investments in investment projects, unidentified persons from the management of Armada transferred them to accounts of persons, affiliated with the company, on loan agreements under 0.5% per annum, it is specified in the document. These actions caused falling of share value therefore damage in especially large size was caused to fund.
Purchase of such big share block of Armada raises doubts, the transaction needs to be checked, the current CEO of Rosinfokominvest Pavel Rodionov says. Moreover, the biggest share block of the company was purchased in the IV quarter 2011 when it was already precisely known of contract cancelation with UK "Capital". From the moment of purchase capitalization of this packet fell by 12 times, Rodionov adds.
In January, 2011 stocks of Armada cost 431 rub for paper, by December they fell in price up to 296 rub, it is specified on the website of the Moscow Exchange. Yesterday shares of Armada were traded at the price of 29 rub for paper. Capitalization of the company made 417.6 million rubles.
UK "Capital" did not hear about initiation of proceedings and white papers did not come to the company, the representative Alexey Savkin says it. Won tender for management of a fund of UK in 2010, investment of means was performed according to the legislation and terms of the contract, he claims. UK took shares of Armada when in the market of analytics of the leading banks (VTB Capital, Renaissance Capital, Gazprombank, etc.) recommended "buy" them. Shares were taken at exchange unaddressed biddings, no contractual relations between UK and Armada or its affiliates existed, Savkin emphasized. If shares were taken at the exchange, then the seller can be unknown to the buyer, the analyst of Gazprombank Sergey Vasin notices.
The agreement with Rosinfokominvest was terminated in January, 2012, the securities and money after that belonging to fund were transferred to other management company.
The former CEO of Armada Alexey Kuzovkin directing the company from 2009 to 2014 knows nothing about criminal proceedings too. During operating time in the company shareholders had no claims to an old command, he assures. Since the management was replaced, in the company there were many changes and the new command made hard errors because of which the share value of the company fell, and probably now shareholders try to find thus guilty, Kuzovkin argues.
The amount specified in the resolution only a small part of damage caused to shareholders of Armada by previous leaders Morgulchik is sure. A year around Armada new parts which prove that the previous management made the purposeful actions which led to the fact that now the company has no assets emerge, he says.
The number of partners of Rosinfokominvest reached twelve
On April 14, 2014 the Ministry of Telecom and Mass Communications of the Russian Federation announced considerable expansion of list of partners of the Rosinfokominvest fund created for development of the domestic IT industry by co-investment in perspective projects of the IT companies and funds. As a result of the last agreements with Leader management company, the number of partners increased from three to twelve: Open Alliance, RK-Telekom, LANIT (on behalf of NORBIT company), Prostor Capital, IQ One, Naumen, InfoWatch, MTT Group and Waarde Capital were added to LETA Capital, Runa Capital and IBS. The plans of management company are increase in number of partners to 15. Rosinfokominvest fund and the accredited partners conduct active work on financing of projects.
Loss in 174 million rub from revaluation of stocks of Armada
On March 30, 2015 it became known that JSC Russian Investment Fund of Information and Communication Technologies (Rosinfokominvest) received at the end of 2014 a loss in the amount of 174 million rubles as a result of revaluation of stocks of JSC Armada (software developer), follows from accounting records of fund for 2014.
The most part of a loss of Rosinfokominvest from revaluation of securities - 296 million rubles fell on papers of Armada.
2011: Acquisition of stocks of Armada in abuse of regulations of fund
Rosinfokominvest became the shareholder of Armada in 2011 - then, according to media reports, the Kapital management company which transferred to the control a fund acquired about 9% of shares of the company for 409 million rubles.
This transaction contradicted the strategy of Rosinfokominvest in which on volume the moment it was registered that the fund will invest up to 150 million rubles in the developing IT companies or startups. And acquisition of papers of Armada became the first and only such transaction (on stock acquisition or a share in the IT company - IF) to UK "Kapital" using means of Rosinfokominvest.
2010: The commission of the Ministry of Telecom and Mass Communications selected Kapital for management of fund
Four companies participated in tender which results were summed up on September 10, 2010 by the commission under the leadership of the director of administrative department of the Ministry of Telecom and Mass Communications Oleg Dukhovnitsky: "Капиталъ", Ingosstrakh investment, "Savings and Investments" and Finam Management. The commission selected "Kapital".
As of September, 2010 Rosinfokominvest did not invest kopeks: so far means are placed on deposits in state banks.
The CEO of Capital Vadim Soskov says that the company already has certain plans for management of Rosinfokominvest. When choosing investment objects emphasis will be placed on the projects connected with media Internet content and broadband access (broadband access). Capital already has an experience of management of such projects, for example Russian Media Group and muz.ru., Soskov notes. By its estimates to place a fund really for 1-1.5.
The tender committee estimated management companies at the asset cost in management and to experience of management — in this plan of "Kapital" really showed to advantage most, the chairman of the board of Finam Vladislav Kochetkov recognizes.
In tender there was no objective system of estimates, the CEO Ingosstrakh investments Farid Yunusov says.
2009: Naryshkin charged to start work of fund
At a meeting of Council at the president for development of information society on November 18, 2009 Sergei Naryshkin, the Chief of Presidential Administration, charged to start work of the Rosinfokominvest ICT investment fund. About it journalists were told by the adviser to the president Leonid Reiman. He reminded that for fund of investments into perspective technology startups "from the federal budget about 1.5 billion rubles were selected, however joint financing from private companies which was also provided in the amount of 1.5 billion rubles, was not involved, and the fund did not earn".
Reyman considers that there are a lot of private interested investors and programs which the fund could finance. "This money lay on bank accounts, one of these banks went bankrupt, their some small amount was gone, a part of money went to the salary of administrative personnel of this fund", - he told, Prime-Tass tells. Naryshkin, according to Reyman, "gave instructions to analyze why there was such situation. And taking into account this analysis to offer methods of the solution of a question that the fund earned". Requests on projects are accepted since 2008, but there are no selected requests still.
As for interest in fund, not Yury Ammosov, the research supervisor of the Innovation institute at MIPT agreed with the adviser to the president Reyman in 2009.
"Initially this fund suggested private traders to enter on the terms of 49% of their participation with 51% of participation of the state, - he says CNews. - Ready for such conditions was not therefore words about "the interested investors" are crafty: interest in investments is yet not readiness to invest".
Dionysus Gordin, the managing director of Rusnano, considers that private money did not come to Rosinfokominvest for a number of reasons among which there are a crisis and a format of fund.
"We have no relation to this fund, but if you are interested in my opinion as investments specialist, watching the industry, then I, first, for an open clear competition on management company, - the expert says. – Secondly, such form as the mutual investment fund (MIF) could work though it also is expensive in service".
"If to pass to the scheme which is advanced now by RVC, i.e. to soinvestirovat at the level of the companies, but not at the level of the fund, then it can interest also private investors, - Ammosov considers. Now it is that completely public foundation itself will select objects for investment, this scheme is efficient", - he adds.
"There is open a question of transparency and correctness of investment solutions, Ammosov says. - I think that most willingly the fund will work with spinofa (from spin-off, i.e. the companies which are collateral business in larger organizations) integrators which in the Ministry of Telecom and Mass Communications already know. Anyway it is better, than nothing". The expert called as some possible examples of partners of Rosinfokominvest NVision, Armada, IBS, Cognitive, Technoserv, Verysell and IT. "Each of them can have spinofa which can be displaid in separate startups", - he considers.
2006: The government decree about creation of fund
The fund is created by the government decree in August, 2006, registration of the relevant open joint stock company took place in October, 2007 the Fund can finance only the ICT enterprise, in one project more than 100 million rubles 1.45 billion rub cannot be invested in the capital of Rosinfokominvest arrived from means of Investment fund of Russia. Still the same amount had to be attracted by an open subscription.
Then increase in authorized capital through an additional issue in public market in the amount of 100% minus one action was planned. A controlling stake, 50% plus one, is at the state, performs shareholder rights the Ministry of Telecom and Mass Communications. The share of the state had to decrease in 2009 to 25% plus one action. Leave authorized capital and sell all the shares the state planned in 2010.
It became known later that development of the Ministry of Telecom and Mass Communications about change of the scheme of creation and work of ICT fund is approved, told CNews in the ministry. In the new draft resolution of the government the additional issue is cancelled, and public and private partnership is transferred from the level of authorized capital to co-investment level in projects. Besides, the extreme size of the funds allocated by fund for one project will increase to 150 million rub, i.e. each enterprise will be able to receive no more than 150 million rubles of Rosinfokominvest plus 150 million rubles from investors. The term of activity of fund is offered to be prolonged prior to the beginning of 2018.
- ↑ 1,0 1,1 [http://www.rbcdaily.ru/2012/05/15/media/562949983832564 Rosinfokominvest
- ↑ [http://audit.gov.ru/press_center/news/35712 10 years
- ↑ the Rosinfokominvest does not carry out a task of development of the industry of information and communication technologies]
- ↑ Rosinfokominvest does not contribute to the development of technologies
- ↑ Rosinfokominvest agreed about the first transaction
- ↑ Against unidentified persons from the former management of Armada criminal case is brought
- ↑ Naryshkin charged to reanimate ICT investment fund