A Minsk Court has refused to consider a petition for bankruptcy brought against the Belarus brewery, Krinitsa, yesterday by the Russian beer group, Baltika Brewery.
Baltika, part of the Baltic Beverage Holding (BBH) group, which is a joint venture between Carlsberg and Scottish & Newcastle (S&N), filed for the bankruptcy of Krinitsa in a bid to recover some US$10.5m which it invested in the company last year before an agreement with the Belarus government foundered.
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“Indeed the court has refused to consider bankruptcy of Krinitsa, but has given us no official document,” said a Baltika spokesman, adding that Baltika is now considering its next move. The spokesman said he would not comment further on the brewer’s next course of action in light of the court ruling.
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. Belarus government representatives were quoted earlier this week saying that the country did not need any foreign investment in its beer industry.
