MOSCOW, February 12 (RIA Novosti) – Russia's Skolkovo high-tech development hub said on Tuesday it was responsible for uncovering embezzlement of 24 million rubles (about $800,000) within the organization after an internal audit.

“In the wake of information appearing about investigative measures being taken against a former fund employee, we must note that the information about possible breaches at one of its subsidiaries was sent by Skolkovo’s representatives to the competent agencies following the fund’s internal audit,” Skolkovo said.

Investigative Committee spokesman Vladimir Markin said earlier on Tuesday that a criminal investigation had been launched against two high-ranking Skolkovo officials suspected of embezzling 24 million rubles.

“A criminal case was launched against the head of the financial department of the Foundation for the Development of the Center of Development and Commercialization of High Technologies [the Skolkovo Foundation], Kirill Lugovtsev, the head of the Skolkovo Innovation Centre Customs Finance Company [TFK Skolkovo, a subsidiary of the Skolkovo Foundation], Vladimir Khokhlov, and other individuals,” Markin said.

Lugovtsev is suspected of renting a building to house the TFK Skolkovo headquarters from a company owned by his parents.

“The rental contract envisaged a three-year non-refundable advance payment. Khokhlov and Lugovtsev have also agreed to pay for the building’s extensive renovation,” Markin said.

Skolkovo said the fund’s “timely reaction to the situation helped minimize negative consequences, return advance payments to the budget and reimburse other losses incurred, while the employee who had made breaches then had to leave the fund.”

Skolkovo is the centerpiece of the Russian government's drive to foster development of high-tech industry and diversify the economy away from reliance on raw materials production.