Commercial court to review bankruptcy claim against JFC’s ex-CEO Kekhman on December 3
MOSCOW, October 22 (RAPSI) - The Commercial Court of St. Petersburg and the Leningrad Region will review a bankruptcy claim by Sberbank against former executive of JFC company Vladimir Kekhman on December 3, RIA Novosti reported on Thursday.
Kekhman’s debt estimates 4.4 billion rubles ($67.7 mln). He is currently leading Novosibirsk Opera and Ballet Theater and is holding a position of the St. Petersburg’s Mikhailovsky Theatre's artistic director.
Sberbank’s claim against Kehman reached court on October 1.
If Kekhman is found bankrupt he will face foreign travel restrictions. He will also be required to notify his potential creditors of his bankruptcy.
A law on personal bankruptcy, under which an individual can be declared bankrupt upon a creditor’s request if the total amount of debt exceeds 500,000 rubles ($7,600) took effect in Russia on October 1.
The Bank of Moscow brought proceedings against Kekhman in March 2014 alleging that he conspired to defraud it. The Bank of Moscow claims that Kekhman procured companies, deemed to be under his control, to commit breaches of their contracts with the bank. It says to be a creditor of JFC CEO in a sum in excess of $150 million.
Kekhman denies any wrongdoing. He also pleaded that he is discharged from any liability for the alleged wrongdoing by reason of his discharge from bankruptcy.
Established in St. Petersburg in 1997, JFC Group comprises fruit production, procurement, storage, distribution, and sales companies. Its ultimate holding company is JFC (BVI) Limited, which operates through companies in Russia, the British Virgin Islands, Costa Rica, Cyprus, Ecuador, Luxembourg and Panama. JFC Group filed for bankruptcy in March 2012 and consequently entered a period of supervision. By that time its debt claims amounted to a total of 18 billion rubles ($274million).