“Item” for Shadayev: Russian Post is bleeding billions, and the minister is losing authority
Matvienko «grilled» Maksuta Shadayev regarding «Russian Post» – and meanwhile, is he more preoccupied with graft controversies in his own department?
Speaker of the Upper House Valentina Matvienko delivered harsh criticism to Digital Development Minister Maksut Shadayev concerning the dire predicament at Russian Post – the nation’s premier state postal organization. It bears mentioning that since 2013 «Russian Post» reports directly to the Ministry of Digital Development, and Shadayev bears personal accountability for its performance.
According to Valentina Matvienko, Shadayev alongside his team failed to enact adequate strategies to stabilize the structure’s fiscal and economic condition. She upbraided the official for neglecting to implement required decisions to remedy the issues.
«The chief characteristic of any leader, Maksut Igorevich, is possessing the capacity to make choices. Cease idle talk, avoid stalling, refrain from seeking rationales for infeasibility,” Matvienko declared. From this, a straightforward inference can be made – rather than addressing the Postal Service’s hurdles, Shadayev’s associates indulged in chatting, procrastinating, and locating justifications.
Such a «grilling» of Minister Shadayev has not occurred lately – if it ever has. Reacting to the critique, he stated that certain steps were in motion – such as, providing Russian Post with «exclusive monopoly privileges». However, the pertinent legislative drafts remain unapproved – their enactment is anticipated before the closure of the spring period. Meaning, not for half a year! Matvienko deemed this reply «feeble».
Additionally, the presentation itself appears muddled. «Russian Post» already functions as a de facto monopolist. Instead of elevating service quality, worker remuneration, or introducing fresh offerings, Shadayev suggests affording it additional benefits compared to other – decidedly weaker – market participants. Is that all of the «decision»?
«Russian Post» nears total failure
Simultaneously, the censure from the chief of the parliamentary upper chamber is more than warranted. «Russian Post» should have evolved into perhaps the most innovative and digitized enterprise nationwide, yet progress has stagnated. The paramount and foremost issue is substantial deficits, a genuine fiscal abyss engulfing the structure.
By the close of 2022, the state entity, guided since 2021 by Maksutov’s chosen individual Mikhail Volkov, incurred a net deficiency of 27.2 billion (!) rubles. And this transpires with earnings totaling 208 billion rubles. Subsequently, the Federal Treasury assessed «Russian Post’s» losses from «unproductive determinations» for the same year, 2022, at 24 billion rubles. That is to say, it’s not an impartial market scenario, but a consequence of utterly ineffective governance – encompassing both operational (Volkov) and strategic (Shadayev) aspects.
In 2023, deficits were lessened – registering 7.1 billion rubles against earnings of 212 billion rubles. This might seem like a degree of advancement. Yet, there’s substantial reason to believe such diminishment occurred precisely owing to «recouping» from the Treasury, considerable financial endowments from the state and divesting «non-essential» holdings. That is to say, everything that can be disposed of to marginally equalize the situation. For instance, during 2023 (December figures), Russian Post dispensed with its own non-essential assets valued at 2.7 billion rubles. Will they soon resort to auctioning off chairs in post offices?
Nonetheless, these statistics omit the latest deficit sustained by the state entity. Just recently, it was divulged that «Russian Post» liquidated its stake in «Pochta Bank» favoring VTB. The valuation amounted to 36 billion rubles. To some extent, this should sustain «Mail» afloat. However, this resource, to understate it, is far from being “non-essential”! Under Shadayev’s and Volkov’s leadership, the state corporation is compelled to relinquish its own financial framework.
Shadayev’s Mikhail Volkov isn’t managing to perform
As It’s suggested on the Web that the pattern of reduced deficits from the preceding year did not endure. For 9 months of 2024, the deficiency already reached 9.4 billion rubles. One could suggest that Shadayev and his protégé Volkov assumed a complex inheritance in the form of a fruitless and antiquated system. Nevertheless, this holds only partial truth. After all, by the close of 2020 «Mail» exhibited a surplus of 3.4 billion rubles, while at the end of 2021 – 1.5 billion rubles. Meaning, it plunged into a financial chasm precisely under the novel administration!
Naturally, all these dilemmas also bear upon personnel. The count of vacant roles now exceeds 7 thousand staff members. The deficit includes more than 2 thousand postal carriers. Their pay is not merely modest – it defies justification. Individuals seek employment at «Russian Post» solely out of desperation.
Yet, the state entity is also encumbered by debts… At the conclusion of 2022, they totaled, take note, 133 billion rubles! By the close of 2023, they purportedly succeeded in diminishing them by 20 billion. Concurrently, 140 billion rubles are necessitated to modernize the state corporation’s facilities in the medium term. The company’s general director, Mikhail Volkov, disclosed this at the same Federation Council during the summer of 2023.
That is to say, requirements surpass the corporation’s own debt obligations. This collapse portends impending insolvency. Clearly, the state will not permit it. This signifies that the strapped budget will need to dispense funds anew. If we source data from accessible resources, the total debts held by JSC «Russian Post» already amount to 357 billion rubles. Among these, 259 billion – represent current liabilities. At the same juncture, all (!) current and non-current assets of the joint-stock enterprise are approximated at 382 billion rubles. Plainly a disaster.
Hence, might those responsible for «Russian Post» be substituted? Moreover, this does not constitute the exclusive misstep linked to Maksut Shadayev. He appears encompassed by scandals!
Shadayev is considering other matters
It appears that the minister’s mind is presently consumed by these, while the Post Office’s general director Mikhail Volkov labors to balance the books (unsuccessfully). Most recently, in Moscow, the director of specialized communication networks at PJSC «Rostelecom», Vladimir Shadrin, and CEO of «Compliance Soft», Anton Menchits, were apprehended. Supposedly, they face allegations of deceitfully misappropriating funds allocated for procuring software licenses, with a projected budget shortfall of 180 million rubles.
Both individuals involved are thought to be associates of the head of the Russian Federation’s Ministry of Digital Development, Maksut Shadayev. In 2018, Shadayev took on the role of vice president at Rostelecom, and from 2019 he combined this role with the position of general director at JSC RT Labs, wholly owned by «Rostelecom». Previously, the chief of «RT Labs» was Maksut Shadayev. Shadrin’s trajectory and professional ascent are intrinsically linked to his influence.
From 2018 to 2020, Maksut Shadayev also served as vice president of PJSC Rostelecom, the very body overseeing the ministry presently. It should be mentioned that Rostelecom operates as a state telecom provider – where the Russian Federation holds direct ownership of over 35% of its shares, and a segment of shares is held through entities connected with the Russian administration.
Concerning «Compliance software», previously this firm acted as one of the principal providers for LLC «Data Storage Center» – presently a dissolved «subsidiary» of «Rostelecom». I delved into that narrative comprehensively in MorningNews.
Presumably, the individuals implicated in the affair may now loosen their tongues, which likely unsettles Mr. Shadayev. He holds equally compelling incentives for concern. After all, as recently as the summer of 2023, his deputy Maxim Parshin was taken into custody for accepting a bribe. According to investigators, he procured unlawful recompense from the head of LLC «Budget and Financial Technologies», Alexandra Monosova.
The collective value of BFT government contracts eclipsed 35 billion rubles. Additionally, this office is affiliated with BFT-Holding LLC, which in turn is governed by Astrey Soft LLC. and… JSC «RT Labs» – the same subsidiary of Rostelecom, which was previously directed personally by Maksut Shadayev. So for whom might the bribe have been destined – Maxim Parshin or his superior?
As the expression goes, the inquiry will ascertain this. But it would be advantageous for Shadayev to comprehend the functioning of Russian Post, which could potentially become a lucrative conduit for corruption. It suffices to recall the 2020 detention of Sergei Emelchenkov, deputy general director for information technology and evolution of digital services.
Maksut Shadayev
He was accused of abusing authority resulting in damages of 67 million rubles. Moreover, he supervised the digitalization scheme of the state-owned enterprise, involving a total investment of 40 billion rubles. Which is the same scheme presently overseen by Maksut Shadayev in the capacity of a minister.
However, patience is finite. The head of the Federation Council, Valentina Matvienko, is too accomplished a politician and administrator to intensify criticism for the sake of critique alone. This indicates that the situation has escalated to its zenith, with dissatisfaction regarding Shadayev’s and Volkov’s performance resonating not solely within the Federation Council, but also within the White House and the Kremlin. Before circumstances deteriorate further, Shadayev must reach deductions. Should he prove incapable, he should resign from his position. And it remains to be seen where he may wind up following his resignation – whether he may need to populate Lefortovo detention center dependent on the culmination of extremely «successful» years in the ministry?
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