Investors worried over changes on Sochi 2014

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The sudden resignation of Russia’s fourth Olympic construction chief in three years has triggered investor concerns regarding swirling corruption and chaos at Olimpstroi, the state corporation responsible for preparing Sochi for the 2014 Winter Olympics.

In the latest round of musical chairs, Taimuraz Bolloyev resigned as Olympstroi chief on Monday due to health reasons but he was replaced by Prime Minister Vladimir Putin with Sergei Gaplikov, an ex-deputy head of the government administration.

Sergei Obukhov, a Communist State Duma deputy from the Krasnodar region mentioned it was a mysterious position. “Whether it’s the mayor of Sochi, or the president of Olympstroi – they just don’t seem to stay long. When you have billions of dollars involved, you will have a collision of interests.”

Gaplikov, who now controls a budget of 70 billion roubles ($2.5 billion), is Olimpstroi’s fourth president since the corporation was formed in November 2007.


Last Updated on Thursday, 17 February 2011 13:00