The Russian brewer, Baltika Brewery, is to appeal against a Belarus Supreme Business Court ruling which last week threw out its claim for bankruptcy against the Belarus brewer, Krinitsa.
Baltika, part of the Baltic Beverage Holding beer group, which is jointly owned by Carlsberg and S&N, was seeking to recover US$10.5m which it invested in Krinitsa last year before an agreement with the Belarus government foundered.
In 2001, Baltika entered an agreement with the Belarus government through which the Russian company would invest some US$50m in Krinitsa in exchange for a controlling stake in the brewery. But the Belarus government decided to reduce this to a 30% stake after Baltika had already invested US$10.5m.
