Managers of Northern Caucasus Resorts stole 275 million rubles

Russian investigators say that authorities of the Northern Caucasus Resorts stole 275.3 million rubles in 2011, press service of the Russian Interior Ministry reports.

Officials of the company hired a commercial organization of Cyprus to do part of construction operations. Over 21 million rubles were paid to the organization, regardless of results.

The organization hired a contractor to do the job for 1 billion rubles. The contractor paid for the work to a legal body. 573.5 million rubles were paid to contractors and over 275 million to the organization.

Former head of the Northern Caucasus Resorts Ahmed Bilalov is the main suspect of corruption.