News

S AFRICA: Russian clings to Hazendal Estate

Most popular

Diageo/LVMH move for Pernod won't wash

just-drinks speaks to Pernod CEO Alex Ricard

How to win the marketing war in spirits

Where will Pernod focus its attention in 2019-21?

The just-drinks Analyst returns

MORE

The Russian owner of the historical Hazendal Estate, near Stellenbosch, says he has a new bank deal to refinance a loan he took from Standard Bank, but says the latter is still insisting on closing him down.

Dr Mark Voloshin says the winery's assets have been frozen since February. He claims he cannot understand why the bank wants to rescind its agreement after granting him a lone of R10m in the mid-1990s.

According to affidavits handed into the Cape High Court earlier this year it was claimed that the estate's liabilities at the beginning of 2001 exceeded R43m.

In January, Voloshin owed Standard Bank R6.6m. Voloshin claims he has reduced this to R3.2m.

Voloshin said that Standard Bank last year insisted that he put the estate on auction, but he rejected the paltry R17m offered, believing the property to be worth between R40 and R50m.

He says he has finalised a deal with another South African bank, ABSA, to refinance his Standard Bank loan. He claims he has another R1.4m in a First National Bank account, but that too has been frozen.

Other offshore funds, which he says he wants to bring in, are not being transferred to South Africa because he fears the same thing will happen.

Standard Bank has refuted these allegations saying it is not dragging its heels.


Sectors: Wine

Related Content

The Jamaica effect - How Appleton Estate is premiumising rum - Interview, Campari Group CEO Bob Kunze-Concewitz, Part I

The Jamaica effect - How Appleton Estate is premiumising rum - Interview, Campari Group CEO Bob Kunz...

Why wine is dangerously exposed to the cannabis tidal wave - Comment

Why wine is dangerously exposed to the cannabis tidal wave - Comment...

"In other companies, it would have taken us three years to do what we have done in past six months" ...

"Everything we are doing is to create value, not volume" - Interview, Baron Philippe de Rothschild C...

Oops! This article is copy protected.

Why can’t I copy the text on this page?

The ability to copy articles is specially reserved for people who are part of a group membership.

How do I become a group member?

To find out how you and your team can copy and share articles and save money as part of a group membership call Sean Clinton on
+44 (0)1527 573 736 or complete this form..



Forgot your password?