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SBD Global/April 5, 2013/Olympics

Sochi Investor Wants Tax Rebates From Russian Government To Offset High Costs

A key investor in Russia's 2014 Sochi Winter Olympics "is lobbying the government to offer tax rebates for the companies operating in Sochi to help offset the rising costs" of the Games, according to the MOSCOW TIMES. Sergei Bachin, general director 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 had asked the government last month to create a special economic zone in the Sochi area." Bachin said in an interview 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 (MOSCOW TIMES, 4/4).

SOCHI F1: CRASH reported Russia's Finance Ministry has said that "it will provide the funds necessary for the completion of the planned race circuit around the Olympic facilities at Sochi, amid concerns that the venue may not be ready in time to make its debut" in '14 (CRASH, 4/3).
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