In 2023, an estimated 5.7 billion rubles worth of property and land were allegedly sold in corruption-riddled transactions within Russia.
Last year, Rosimushchestvo, Russia's Federal Agency for State Property Management, got rid of 881 shady assets worth a whopping 3.3 billion rubles and 876 dubious pieces of land spanning over 26,100 hectares, fetching a total of 2.4 billion rubles.
In 2023, the agency collected a cool 4 billion rubles from renting out 4,373 state-owned properties, and went on to rent out a massive 108,200 hectares of land for an impressive 13 billion rubles across 4,518 plots.
The management of land plots by Rosimushchestvo is governed by a set of rules and regulations, with a strong focus on combating fraud.
Current Status and Policies
Rosimushchestvo operates under the Russian Federal Law "On the Management of State Property and on the Privatization of State and Municipal Property". This law outlines procedures for the disposal and rental of state-owned land plots. Changes in the legal framework, such as those related to counter-sanctions and major transactions requiring corporate approval, can affect how Rosimushchestvo handles these properties.
Land plots are typically disposed of through auctions or other competitive procedures to maintain transparency and generate maximum revenue. Rosimushchestvo oversees these processes to ensure compliance with legal requirements. Rental of land plots follows a similar path, with public tenders often used to award rentals to the highest bidders, minimizing the risk of unfair practices.
Fraud Prevention Measures
Rosimushchestvo must abide by all relevant laws, including anti-corruption and counter-sanctions laws. Violations can invalidate transactions or even lead to property seizure. Transparency is ensured through public auctions and tenders, while public oversight bodies monitor these processes to prevent fraud. Russian courts and regulatory bodies review transactions to ensure adherence to legal standards. Recent changes in the approach to major transactions, such as those involving real estate, are noteworthy.
Overall, Rosimushchestvo's management of land plots is aimed at maintaining transparency, legality, and fairness in all transactions. However, for the latest policies and fraud prevention strategies, it's essential to stay updated on recent legal developments and regulatory updates.
- In alignment with their focus on combating fraud, Rosimushchestvo has implemented strict regulations for investing in real-estate and business, ensuring that all transactions relate to finance and the industry adhere to legal standards.
- In light of the Russian Federal Law "On the Management of State Property and on the Privatization of State and Municipal Property", Rosimushchestvo is responsible for overseeing the renting out of state-owned land plots and properties in the finance sector, striving to prevent fraudulent activities.
- To prevent fraud and promote transparency, Rosimushchestvo utilizes public tenders when renting out land plots for business or real-estate investing, ensuringthat all deals follow the rules and regulations set by anti-corruption and counter-sanctions laws.
