Belaruskali Has New Problems

The company failed to sell the subsidiary and is now bankrupting it.

Having failed to sell its 55% stake in the agricultural machinery supplier European Agrarian Agency (EAA), Belaruskali filed for bankruptcy.

According to the portal "Belarusians and the market", the Minsk court in response to the application "concluded that there were sufficient grounds to accept the application, initiate bankruptcy proceedings and establish a protective period for the debtor.

"Belaruskali" wants to eventually recover over Br220 thousand of debt and Br2.4 million of losses from the EAA by any means.

EAA is a joint venture of Belaruskali Agro (55%) and the Estonian company European Agricultural Agency (45%), controlled by Belarusian businessman Alexander Bogachenko. They merged in the mid-2010s to sell agricultural machinery in the Belarusian and other post-Soviet markets. Bogachenko also owns his own media resource, the AgroNews portal.

In May 2024, the Belarusian EAA defaulted on its bonds. And in December of that year, the Ministry of Finance of Belarus suspended the placement and circulation of all bonds of this issuer. "In late 2024, Belaruskali Agro tried to put its stake in the EAA up for sale, but there were no buyers.

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