Substantial cost overruns in JSC "Resorts of the North Caucasus" were revealed by the Russian Audit Chamber.
The expenditures of public funds received by the company in share capital, the creation and development of tourist and recreational economic zones was audited In the period from December 2012 to March 2013.
The budget allocated to the creation of special economic zones for tourism and recreation in 2010-2011 was much higher than the actual needs, says the report of the Audit Chamber.
"About 800 million rubles was directed to activities related to the advertising of the tourism cluster, operations and investments in subsidiary industry. These costs were often too high and did not bring the expected result ", quotes the report "Interfax".
