MOSCOW, November 13 (RAPSI) – The Voronezh Region Commercial Court has granted a motion to initiate the procedure of debt restructuring against the co-owner of Yashma group Igor Mavlyanov, RAPSI learnt in the court on Monday.

The applicant in this bankruptcy case is Vladimir Potapov, who had Mavlyanov’s 950,000 rubles (about $16,000) debt before him included in the creditors demands list. Hearings in the debtor’s bankruptcy case are set for March 5, 2018.

The case against Mavlyanov is heard for the second time. On February 2, the court found him bankrupt but on August 23 the Central District Commercial Court overruled that decision and sent the case for another review.

Yashma group’s companies are involved in the wholesale distribution of jewelry, precious stones and metals, custom jewelry and other similar products. On May 25, 2016, the Moscow Commercial Court found the Jewelry House Yashma company bankrupt. Creditors of the company include Sberbank and Otkrytie bank.

On December 19 of the same year, investigators launched a tax evasion case against head management of one of Yashma group’s companies.

In mid-May, VTB filed a lawsuit against Mavlyanov, his ex-wife and children as well as Voronezh Region resident Robert Martirosyan and several companies registered in the United States with the sought debt estimated at about 4.9 billion rubles (about $86.7 million). The bank claims that defendants signed several real estate deals in the United States in order to deceive it. VTB seeks to annul these deals and to receive compensation for its losses by collecting funds of firms related to Mavlyanov.