Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- Ask the CIO
- Connected Government
- Consolidating Mission-critical Systems
- Constituent Servicing
- Continuous Monitoring: Tools and Techniques for Trustworthy Government IT
- The Data Privacy Imperative: Safeguarding Sensitive Data
- Eliminating the Pitfalls: Steps to Virtualization in Government
- Federal Executive Forum
- Federal Tech Talk
- Government Cloud Brokerage: Who, What, When, Where, Why?
- Government Mobility
- Mission-critical Apps in the Cloud
- Mobile Device Management
- The Modern Federal Threat Landscape
- The Path from Legacy Systems
- Understanding the Intersection of Customer Service and Security in the Cloud
Shows & Panels
Investor in Sochi Games seeks help on rising costs
Wednesday - 4/3/2013, 11:51am EDT
MOSCOW (AP) -- A key investor in Russia's 2014 Olympics is lobbying the government to offer tax rebates for companies operating there to help offset the rising costs.
Sergei Bachin, director general of Roza Khutor, which is building a ski resort, a snowboard and freestyle park and one of the three Olympic villages, said Wednesday that his company asked the government last month to create a special economic zone in the Sochi area.
Roza Khutor is owned by Interros, an investment vehicle of tycoon Vladimir Potanin, which is spending about $2.2 billion on Olympic projects in Sochi.
Bachin said in an interview with the Associated Press that the tax rebates would allow their resort to be "operationally sound" and help them repay loans to the state-owned VEB bank more quickly.
Bachin's petition follows those of others investors who have complained about construction costs they had not been informed of when they first signed up to the Olympic project. Cost estimates for the Sochi Olympics and related development of the region have reached almost $50 billion, making them the most expensive games ever.
The Interfax news agency on Tuesday reported that investors in the Olympic project -- including bank Sberbank, energy company Gazprom, industrial conglomerate Interros and holding company Basic Element -- had asked the government for help.
Sberbank and Gazprom were not available for comment Wednesday. A Basic Element spokesman could not immediately confirm the company signed onto that letter.
Basic Element, a holding company of billionaire Oleg Deripaska, has been public about expecting the government to cover some of their losses.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.