How They Drove Motovelo To Bankruptcy

Why did it happen so that the enterprise owed creditors twice as much as it costs?

According to the application for bankruptcy, which the management of Motovelo filed to the economic court of Minsk, the enterprise owed creditors twice as much as it costs, Belsat reports.

In a statement signed by the former mayor of Minsk Mikalai Ladutska, whom the authorities appointed as the director of the enterprise last year, it is said that the reason was chronic non-profitability and insolvency.

Earlier this year, Motovelo shares were withdrawn from the previous owner - the Austrian company ATEC Investments, which belongs to Aliaksandr Murauiou, and Murauiou himself was put in prison for 11 years on charges of fraud and corruption.