Monday, March 28, 2011

Ex Russian Persident Builds £600 million Home

Vladimir Putin has built a R6.6 Billion (£600 million | $966) palace near a Black Sea resort. The money to fund this impressive residence was thought to come from 'corruption, bribery and theft', a Russian businessman has alleged.

The original allegation was picked up by the Novaya Gazeta newspaper in a letter addressed to Russian President Dmitry Medvedev. The title obtained what it said was an authenticated copy of the original contract for the palace signed in 2005 by Vladimir Kozhin, the Russian presidential property manager. Putin, the current prime minister, was President at the time.

Sergei Kolesnikov,the businessman behind the clams, has compared the property to a palace built for the Russian Tsars outside St Petersburg. He also added that Putin personally approved the design and materials of every inch in the residence.

The palace reportedly spans eight million square feet and features its own helipad, an indoor cinema, a summer amphitheatre, a casino, swimming pools, a gym and a clock tower.

Kolesnikov has demanded that President Medvedev investigate his claim: 'A palace is being built on the Black Sea coast for the personal use of the Russian prime minister," he wrote in his original letter. "As things stand, the cost of the palace is $1 billion. The funds were mostly raised through a combination of corruption, bribery and theft.'

Kolesnikov said he was involved in the project himself until 2009 when he was removed for raising concerns about corruption. His claims and pictures of the lavish residence have appeared on a Russian whistle-blowing web site, with Kolesnikov adding that a state construction company was building the palace and that state funds had been illegally diverted to the project.

Putin’s spokesman has dismissed the claims and President Medvedev has not responded to the allegations.

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