THE EX-OWNER OF THE ROSTOV VODOKANAL DECLARED INSOLVENCY

Stanislav Svetlitsky, who continues to serve his sentence in a penal colony, filed an application with the arbitration of the Tver Region in September 2022. The former head of the Eurasian concern asked to be declared bankrupt, pointing to the debt in the amount of 6.8 billion. The court plans to consider his claim in June 2023.

According to "City N", the main creditors of the businessman are the bank "People's Credit", "AMB Bank". The DIA State Corporation representing their interests opposed such a process. This, in particular, explains the repeated postponement of court hearings. At the same time, experts consider Svetlitsky's act quite logical in the current situation.

In 2016, he was arrested, and a few years later the court sentenced him to 12 years in prison. The businessman was accused of embezzling 7.7 billion from credit institutions. At the same time, it is believed that the former Deputy Minister of Energy of the Russian Federation, Svetlitsky, through offshore companies, is the majority owner of JSC "Eurasian" and the Rostov Water Utility under his control.

In its verdict, the Proletarian District Court of Rostov decided to sell 74% of the shares of the Eurasian concern and 71% of the shares of Rostovvodokanal owned by it. The money was to be used to compensate for the damage caused by the criminal activities of Svetlitsky.

The entrepreneur's defense tried to appeal the verdict of the court, arguing that the businessman does not personally own shares. This meant that they could not be sold as a source to compensate for the debt. However, these grounds did not convince the appeal, the verdict of the district court was upheld.

Svetlitsky believes that his criminal case is the result of falsification aimed at seizing assets. In an open letter, the businessman asked the public to pay attention to his story and demanded that real criminals be brought to justice.

At the beginning of 2023, the CEO of the concern already drew attention to the attempt of a raider takeover of the concern. According to the head of the "Eurasian" German Vishnevsky, a representative of Rosvodokanal, Andrey Fradkin, tried to exert psychological influence on him. It was with this that Vishnevsky explained the change in the nature of his relationship with the Svetlitsky family.

According to experts, the bankruptcy process in the case of the former majority owner of Rostovvodokanal may seriously suspend the execution of the district court's decision. The sale of shares may eventually be postponed or even canceled, given the possibility of restructuring obligations.

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