Motovelo files for bankruptcy
Photo: jawaold.com
Motovelo CEO Mikalai Ladutska on June 22 filed a bankruptcy application with Minsk Economic Court, reports tut.by.
The former head of Minsk City administration and current CEO wrote in the application: "The company is in debt and its operation is loss-making. The plant is steadily insolvent...".
Under Motovelo's balance sheets as of April 30, 2017, assets amounted to BYN60 million. Losses in Q1 reached almost BYN350 thousand. Losses in 2016 amounted BYN7.5 million.
Motovelo is indebt to seven banks.
99.88% of Motovelo shares are already owned by the State Сommittee on Property. The controlling package of shares was confiscated by the state after the major stakeholder Alexander Muravyov was sentenced to 11 years in prison.
