Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Coal Loan Investigated

MOSCOW () -- The government has ordered an investigation into allegations that a $500 million World Bank loan for reforming Russia's coal industry was misspent, news reports said Wednesday.


Russia's First Deputy Prime Minister Anatoly Chubais, who visited a coal miners' congress in Siberia last week, received complaints from the miners, who accused local administrations of misspending the money, Interfax reported, citing Chubais' aide Andrei Trapeznikov.


Chubais, who is also the finance minister, ordered the Finance Ministry's control department to investigate the allegations and report back within a month, Interfax said.


The loan deal, released in disbursements in June and December of last year, required the Russian government to restructure the coal industry and develop social programs in mining towns.