Largest stevedoring company of port Vyborg driven to bankruptcy by ex-owners, loss exceeds RUB 1.75 bln
Bankruptcy supervisor of Port Equipment LLC, which was the only stevedoring company at the port of Vyborg (Leningrad Region) up to the beginning of 2013, and was among the stevedoring assets of Oslo Marine Group Ports (related to Vitaly Arkhangelsky who has left Russia), reports on the signs of deliberate bankruptcy. The report of bankruptcy supervisor Artem Sobolov has been placed at the website of the Unified Federal Register of Bankruptcy Information.
In 2012, the company’s revenue totaled about RUB 462 mln. However, expecting the bankruptcy from the end of 2012, the company management (ex-Director General Olga Lukina) embarked on activities willfully leading to inability of the company meet the creditors’ claim.
In particular, ex-management of Port Equipment LLC applied the procedure of customer relations via an artificial agent – Port Logistic LLC – instead of direct agreements for loading/unloading operations.
Besides, from 01.02.2013 the debtor intentionally started renting out its property to Port Logistic LLC gradually decreasing the rental rates. Moreover, the debtor sublet all production berths of the port to Port Equipment LLC at the rates almost equal to the cost of renting from FSUE Rosmorport.
Direct losses exceeded RUB 750 mln. This amount does not include the loss caused by interruption of the company activities, which, in the opinion of bankruptcy supervisor, exceed RUB 1 bln.
The report of the bankruptcy supervisor is to be submitted to the Ministry of Internal Affairs of the Russian Federation for initiation of inspection and institution of criminal proceeding.
Port Equipment LLC is the only legitimate owner of infrastructure facilities at the port of Vyborg, a company complying with requirements specified for a port operator able to perform stevedoring activities at the port of Vyborg. The stevedore’s annual throughput is about 1.3 mln t.
Port Equipment LLC is subject to insolvency proceeding from February 2017.
