“Baranavichy-Wood” Remains Idle, Swedish Investor Stays In KGB Remand Prison Since Spring

What is happening at “Baranavichy-Wood” JSC, where the Swedish investor came two years ago?

The enterprisers’ workshops have been out of work for over three years. The property is being sold. The investor is in the KGB remand prison, the local newspaper intex-press.by writes.

According to Aliaksandr Mischuk, the current crisis manager, the process of general civil liquidation of the enterprise has been carried out since August 3, 2015, the auctions are held.

- The property is being sold around, - he says. - In January, when it will be determined that the assets of the Company are less than the liabilities upon the results of the year, “Baranavichy-Wood” JSC is likely to be declared bankrupt.

According to Aliaksandr Mischuk, workers ceased to work for the company in October of 2013.

According to the website of the Belarusian Property Committee, two auctions on selling the property of the “Baranavichy-Wood” JSC have been appointed in the nearest future. On November 30 there will be the repeated trade on selling the apartment in Savetskaya Street, 100 for $ 24 K, and on December 20 there will be an auction on selling five capital buildings belonging to the “Baranavichy-Wood” JSC in the Eastern Settlement Street, 3. The price of this lot is a little more than Bn 1 million, or more than $ 500 K in the equivalent.

Amid Nabizada, the CEO of the Swedish company who declared his desire to buy the loss-making “Baranavichy-Wood” JSC two years ago and even brought his equipment to the enterprise, has been in the KGB remand prison since spring.

– We know absolutely nothing about him: neither about the accusations, nor about the trial date, – Ihar Yakayleu, the first deputy head of the representation of the Swedish investment company WH International Trading AB in Belarus says.

The “Baranavichy-Wood” JSC started working in 1946. In 2013, due to the accounts payable and financial problems, the procedure of rehabilitation was initiated against the company. In the same year Amid Nabizada, the head of the Swedish investment company’s WH International Trading AB representation in Belarus, has declared his intention to become an investor of the loss-making “Baranavichy-Wood” JSC. Without waiting for the signing of the presidential decree on the transfer of shares, the Swedish company has delivered the first batch of equipment to the company in February 2014. The investor planned to produce about 250,000 doors per year - about 10% of the annual production of doors in Belarus.

The decree on the sale of the “Baranavichy-Wood” JSC to the Swedish investor was signed only in November 2014 and made him bewildered. One of the points of the presidential decree was the payment the debt of the “Baranavichy-Wood” JSC by April 15, 2015. The amount of the debt increased from the expected 9 billion to 20 billion rubles (non-denominated). According to Amid Nabizada, there were no demands to pay the debt in such short terms in the draft decree.

Mr. Nabizada has sent a letter to Lukashenka, asking to postpone the payment of the debt of the “Baranavichy-Wood” JSC till 2017. He received a refusal in response. As a result, the investor did not pay the old debts and make current payments to the budget.

In September 2016 it was reported that Amid Nabizada was arrested and placed in the KGB jail on suspicion of large-scale fraud in spring.