BelGee Excludes BELAZ From Shareholders

It's all about sanctions.

In June this year the Belarusian-Chinese company BelGee announced that BELAZ had been removed from the list of its shareholders. By the way, it happened back in 2021. It is not specified why this information was posted on the company's website this summer. It is possible that this was done to reduce the likelihood of falling under Western sanctions, says Zerkala.

"In 2021, BELAZ was removed from the list of shareholders of CJSC BelGee. Currently, the shareholders of CJSC BelGee are as follows: Republic of Belarus, Zhejiang Jirun Automobile Co.,Ltd, CITICC International Investment Limited, Shenzhen Shentou Investment Co," reads the BelGee website.

For 2023 the company has increased its share of sales on the Belarusian market of new cars up to 75%, says BelGee.

We remind that BELAZ is under sanctions from the United States (since March this year), Ukraine (since May 2023). Apparently, for fear of falling under sanctions, BelGee has warned that BELAZ is not among its shareholders.