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September 26 – October 2, 2011

Foreign creditors claim repayment of debts from the Belarusian enterprises

The situation has not changed
Foreign creditors claim repayment of debts from the Belarusian enterprises

There has been a significant increase in the number of claims from non-residents to Belarusian companies filed to the Belarusian economic courts. It could be explained by their desire to take part in the privatization of Belarusian assets.

In September there has been a significant increase in the number of claims from non-residents to Belarusian companies filed to the Belarusian economic courts. In August, according to expert estimates, there were 20 lawsuits under consideration in the Belarusian courts. By 19 September their number had increased by 13 new cases.

Claims against the Belarusian economic entities have been filed by companies from Russia, Ukraine, Cyprus, Turkey, Moldova, Latvia, USA, Belize, and Switzerland.

Claims against the Belarusian economic entities have been filed by companies from Russia, Ukraine, Cyprus, Turkey, Moldova, Latvia, USA, Belize, and Switzerland. Among the largest suits are two claims to the Gomel railroad car repair plant named after M.I. Kalinin. The price of one suit filed by KriukovWagon Works in September is almost USD 3 million, while the price of the second suit filed by one of the organizations of a Ukrainian Billionaire ViktorPinchuk, “Interpipe Ukraine” is about 1.1 billion Russian rubles.

In August the Russian “Alfa-Bank”, with Michael Fridman one of its owners, filed two lawsuits to the Moscow Arbitration Court for early repayment of the full amount of the USD 30 million loan issued to the RUE “Brestenergo”.

Comment

The Increasing activity of foreign creditors can be explained by their desire to take part in the privatization of Belarusian assets. In the conditions of political isolation of the country and unfolding economic crisis, foreign creditors increase the pressure on the economic authorities of the country in order to acquire/purchase assets of their interest. The urgency of the IMF loan increases for Belarus in order to halt or reduce the large and diverse external economic pressures.

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