MOSCOW, March 16 (RAPSI) – The Voronezh Region Commercial Court has declared the primary co-owner of Yashma group Igor Mavlyanov bankrupt, the court ruling reads.

The court has initiated the procedure of Mavlyanov’s property sale for the duration of six months.

Earlier, Yury Burlyak, the property manager for Mavlyanov, asked the court to declare the businessman bankrupt.

In November 2017, the court granted a motion to initiate the procedure of debt restructuring against Mavlyanov. The applicant in this bankruptcy case is Vladimir Potapov, who had Mavlyanov’s 950,000 rubles (about $16,000) debt to him included in the creditors demands list.

The bankruptcy case against the entrepreneur is reviewed for the second time. In February 2017, he was declared bankrupt but later in August, the Central District Commercial Court overturned the ruling.

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 on request of Friso trading Inc. Creditors of the company include Sberbank and Otkritie bank.

On December 19, 2016, investigators launched a tax evasion case against head management of one of Yashma group’s companies. According to investigators, some of the company’s managers conspired to organize a criminal scheme involving 24 sham firms to receive precious metals from a bank without paying value-added tax.