Bankruptcy claim filed against company making watches for military

Bankruptcy claim filed against company making watches for military

Bankruptcy claim filed against company making watches for military
On November 10, the Moscow Arbitration Court received a claim from the Mactime Watch Factory with a demand to declare the Vostok-Design Factory of Special Watches insolvent (case No. À40-241957 / 2021).  Several years ago, the firm was already in litigation with the defendant (case No. A40-91613 / 19-61-824).  Then the participants in the case signed an amicable agreement- Vostok-Design was obliged to pay about 12 million rubles of debt under lease contracts until January 15, 2021.

According to IA Regnum, the factory has been actively engaged in the supply of souvenirs under the state order in recent years.  Its total amount exceeded 188 million rubles.  In particular, the company issued medals for the Victory anniversary, and also supplied 25,775 army watches for Tsniitochmash JSC, which is a part of the Rostec.  Under this contract, the company received 181 million rubles from the customer.
Vostok-Design FSW has existed on the market for over ten years.
The owner and director of the company is a career officer Eduard Kogtenkov, who retired from the army in 1997.

It is known that since 2007, Kogtenkov's company has taken part in R&D activities to improve the equipment of the Russian military personnel.  The company was part of the armament program for the units of the Ministry of Defense, supplying mechanical watches.

In mid-September 2021, it became known that 72-year-old Kogtenkov and several other people, whom the law enforcement agencies call his accomplices, had been in custody.
The head of Vostok-Design is suspected of a large-scale embezzlement of funds from the budget.
As noted by Kommersant, the fraudulent actions were carried out precisely in the process of implementing contracts for the supply of watches for the Ministry of Defense.


12.11.2021