UKRAINE: Nemiroff restarts production after shareholder blockade
Nemiroff shareholders blocked own plant in ownership dispute
Nemiroff has resumed production after a majority of its own shareholders blocked operations at its distillery due to an ownership dispute.
Production at the Ukraine-based vodka firm had been at a standstill since 26 May, due to a blockade set up by four of the group's five shareholders.
"With the help of law enforcement bodies, Nemiroff’s general director, Alla Glus, managed to enter the plant and end the blockade on 1 July”, a Nemiroff spokesperson told just-drinks today (5 July).
The four shareholders, who collectively control 75% of Nemiroff, are understood to have blocked production following a dispute with the only other shareholder, Alexander Glus. Alla Glus, who is also Alexander's mother, accused the group of seeking to "receive the benefits of his shares in an expected sale of the company".
Nemiroff put itself up for sale at the start of 2010, but has since seen talks with Stock Spirits, Central European Distribution Corp and Russian Standard break down. The direction of the company is reported to have aroused disagreement between its shareholders.
According to Ukrainian media this week, the shareholder disagreement escalated after the four-strong shareholder group attempted to dismiss Alla Glus. Alexander Glus went to court to contest his mother's dismissal and, on 29 June, the court ruled in his favour.
Earlier this year, Nemiroff reported a 14% rise in net sales for calendar 2010, to US$473.6m.
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