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State corporation Rostec fires Chelyabinsk CEO after offices are raided by feds

Source: TASS

The state-owned corporation Rostec has fired Alexey Adaev, the CEO of the “Turbine” Special Design Bureau, following a raid by federal agents on the enterprise’s offices in Chelyabinsk. Rostec did not directly tie Adaev’s termination to the FSB searches, which are part of a criminal investigation into the alleged theft of more than 300 million rubles ($4.7 million) allocated to defense contracts. A nonprofit organization owned by “Turbina,” however, previously reported the theft of more than 200 million rubles ($3.1 million).

Rostec (officially the State Corporation for Assistance to Development, Production, and Export of Advanced Technology Industrial Product) consolidates strategically important companies in Russia, mainly in defense and high-tech industries. The organization is headed by Sergey Chemezov.