A factory in Russia that was supposed to become the country’s largest microchip manufacturer went bankrupt

It was overseen by former Russian Minister of Communications Leonid Reiman, who is close to Putin.

The bankruptcy of the Angstrom company, which was engaged in the production of chips, has begun in Russia , The Moscow Times reports .

The decision to declare the debtor bankrupt was made at the request of Zenit Bank. According to the materials, in November 2019, the court recovered 1 billion rubles from Angstrem in favor of the bank, but the company never returned the money.

Angstrom was a landmark for Russia, seen as the country’s largest microchip manufacturer. The project was overseen by Leonid Reiman, a Russian statesman close to Putin who served as communications minister and as an advisor to the Russian president from 2008 to 2010.

In 2008, his company received a credit line from VEB of over 800 million euros to establish a production facility for processors, smart cards, and electronic passports. At some point, the amount of debt exceeded 100 billion rubles, and Angstrem stopped paying on the loans.

By January 2019, VEB had taken all the equipment and shares of the company and filed for bankruptcy. Reiman himself distanced himself from the project and was not harmed.

(C)UNIAN 2024