Losses of Nemiroff Holdings Limited from shutdown of the company's Ukrainian enterprise in May-July made up about UAH 100 million (approximately, USD 12.5 million), owner of 25.04% and two shares in the company Oleksandr Glus said.

As a result of a conflict among stockholders of the company, production at the Ukrainian enterprise of Nemiroff was suspended from May 26 till July 4 this year.

A prerequisite for a conflict was a dispute of co-owners about selling of the distilling company to holding Russian Standard, when partners could not agree on the terms of the transaction.

According to Glus, Russian Standard owner Rustam Tariko offered for the company USD 350 million and a premium, however, stockholders raised the demanded price by USD 20 million at the last moment, as a result, the deal was crumbed.

As Glus said, 35% of the holding's sale falls on Russia, but on August 19, stockholders blocked work of storage facilities and an office of the company's Russian subdivision, as a result, shipment of products to consumers was stopped.

"We went to the Russian court," he said, calling the events that took place "a forcible takeover." "I intend to settle all the issues exclusively in the legal field. I hope that we will be able to quickly launch work of the Russian representation," he added.

The company co-owner noted that in compliance with the stockholders' agreement, a quorum of 75% should be at the meeting in order to recognize it as legitimate. According to him, the rest of stockholders totally possess only 74.96%. The stockholders' agreement is written according to the British law and Glus intends to go to the London Court of Arbitration. Preparation of a claim, according to him, will take several months.

He added that the Cyprian court, last Friday, banned Yakov Gribov and Anatoly Kipish, possessing 20% and about 17.48% of stock respectively, to take decisions regarding changes in management, structure and strategy of the company.

He also informed that he suspended negotiations with the rest of stockholders about the sale of his stake in Nemiroff or the purchase of company stocks possessed by them. Glus explained that offers do not correspond to the market price of stocks. "Now I do not rule out that I will be offered to buy at a higher price, like earlier I was offered to sell at a low price," he said.

Nemiroff Holding includes production company Nemiroff (two distilleries and alcohol production are located in the city of Nemyriv), management company, daughter enterprise Alko Invest, trade representations in Russia and Poland, as well as Nemiroff International with headquarters in Budapest (Hungary).

Since June 2008, three types of Nemiroff vodka are bottled in Russia at Yaroslavsky distillery (included into Rosspirtprom).

UKRINFORM