Lukashenka's Ex-‘Money Bag’ Argues In Court With Family Over Business
1- 14.08.2024, 16:19
- 13,952
It worked for him.
Disgraced businessman Yury Chyzh has regained full control over the company “Triple”. He became the CEO of the company, which was saved from bankruptcy, writes Zerkalo.
On July 29, the Economic Court of Minsk held another hearing on the bankruptcy case of the company “Triple”. At it, the anti-crisis manager was relieved of his duties. This follows from the court's decision published in the Unified State Register of Bankruptcy Information.
Shortly before this, on July 1, the owner of the company Yury Chyzh assumed the position of CEO. After that, the anti-crisis manager handed over all the documentation and seals to him.
Currently, a 66.5% stake in this company belongs to Yury Chyzh, 16.75% each to Mikhail Mamiashvili and “Triple”, according to data from the Unified State Register of Legal Entities. To save his part of the empire with a thirty-year history, Chyzh even had to sue his sons.
On May 17 of this year, the court terminated proceedings on the case of “Triple” economic insolvency. At that time, the total amount of outstanding claims of creditors included in the register of debtor's claims was 137.3 million rubles. At the same time, the size of the company's assets was estimated at 147.2 million, that is, they were higher than the debts.
The development of the company’s history
The story of the economic insolvency (in other words, bankruptcy) of “Triple” began in the summer of 2020. In 2021, the company was declared bankrupt. The company had been undergoing rehabilitation for about three years, that is, its owners, with the help of managers, tried to restore the debtor's solvency to creditors.
On December 21 last year, by decision of the Economic Court of Minsk, the firm “Sovetnik” was dismissed from the position of manager in the bankruptcy case. The company “AlfaKrisisManagement” was appointed to this role, as follows from the court decision published in the register of bankruptcy information. The judge noted that he had no complaints about how the manager fulfilled his obligations under the rehabilitation, however, “not all participants in the process trust the manager and support him”. This was precisely the attitude of the creditor “Belagroprombank”, as well as of the representative of Yury Chyzh, who owns “Triple”.
Belarusian businessman Yury Chyzh was considered the main “money bag” of Lukashenka. Having received access to cheap Russian oil from the state, he had previously earned more than five billion dollars in just a year and a half with the help of his partner on manipulations with thinners and solvents. However, the businessman later fell into disgrace.
On February 13, 2023, the Central District Court of Minsk sentenced Yury Chyzh to 3.5 years in prison. A criminal case against him was initiated based on a statement from his ex-partner Uladzimir Yapryntsau. By the court's decision, Chyzh was found guilty of fraud and money laundering. But he was granted amnesty and the time he had already spent in prison from March to September 2022 was counted towards his sentence.
After that, Lukashenka's once close friend began to experience difficulties with his large-scale business. Financial showdowns affected the company “Triple” associated with him, as well as "Prostormarket", which belongs to the Chyzh family. The decision to liquidate the second company, which developed the ProStore retail chain, was made in December 2020 at a shareholders' meeting. By that time, the company had been experiencing difficulties for several years, which began during the arrest of its owner Yury Chyzh.
Some of the entrepreneur's real estate and company assets were put up for sale. Among them were the Zolotoy Grebeshok cafe and the Lahoysk ski resort.
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