Since the beginning of the year, the United Grain Company (OZK) has conducted 341 security checks of the federal intervention fund, identifying a shortage of 15.9 thousand tons, and expects compensation for damages incurred before the end of the year due to insurance payments and penalties for lawsuits, the press said company release.
“During the first six and a half months of 2019, OZK JSC conducted 341 inspections of the preservation of grain of the federal intervention fund (ZFIF), during which a shortage of 15.9 thousand tons of ZFIF among five guardian organizations was revealed,” the message says .
To date, losses are compensated or compensated for the shortage of 6.3 thousand tons from the state fund and work is underway to recover the remaining losses. Persons guilty of embezzlement of state property, brought to justice. “The total amount of loss for today does not exceed 0.5% of the total volume of the Fund.” – stated in a press release. OZK expects that by the end of the year, according to the results of legal proceedings and investigative actions, the losses will be fully compensated by insurance payments and penalties for lawsuits.
As of July 16, over two million tons of grain worth 20.3 billion rubles were in the federal intervention fund, which is deposited in 135 organizations located in 24 regions of the Russian Federation. The control of the safety of the stored grain of the federal intervention fund is carried out by OZK by conducting scheduled and unscheduled on-site inspections of the quantitative and qualitative preservation of the Fund in the places where it is stored. In accordance with the requirements of the state contract, all stocks of the intervention fund are insured, the report says.
The United Grain Company was founded in 2009 to support domestic farmers and develop the infrastructure of the grain market. The company is a government agent in conducting procurement and commodity interventions in the market for agricultural products. In February, VTB received from Summa 50% minus 1 share of OZK. The state owns 50% plus one share of OZK.