KVKK “Bakhchisarai” turned out to be connected with the managers of “Massandra”
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The company “Moe Vino”, which manages the wineries “Massandra” and “Novy Svet”, turned out to be connected with the Crimean wine and cognac company (KVKK) “Bakhchisarai”. Almost all the shares in it were received as collateral by the general director of “My Wine” Arsen Karapetyan, which may be related to the provision of financing. Cognac sales in Russia are growing, and the company’s raw material base provides an advantage given the future ban on the use of foreign distillates.
The general director of the company “Moe Vino”, which manages wine-making assets associated with the bank “Russia”, Arsen Karapetyan in February received 99.99% of KVKK “Bakhchisarai” as collateral, discovered “Kommersant” in the Unified State Register of Legal Entities. The share belongs to Valery Zakharyin’s Ajax LLC. He also owns 0.01% of KVKK Bakhchisarai directly. Arsen Karapetyan did not answer Kommersant. KVKK “Bakhchisarai” did not provide comments.
“Moye Vino,” says recruiting websites, manages, among other things, the Inkerman, Massandra and Novy Svet factories in Crimea.
“Massandra” and “Novy Svet” were previously bought from auction by Yuzhny Proekt LLC, controlled by Rossiya Bank. In the summer of 2023, Sevastopol Governor Mikhail Razvozhaev announced the bank’s plans to invest about 5 billion rubles in Inkerman.
The Bakhchisaray plant was founded in 1963. In 2019, JSC KVKZ Bakhchisaray, which managed the enterprise, was declared bankrupt, and in 2021, an agreement on the development of the asset with the government of Crimea was concluded by LLC KVKK Bakhchisaray, which then bought out the equipment and brands. As stated on the website of the Association of Winegrowers and Winemakers of Crimea, the plant can process 10 thousand tons of grapes per season and produce 6 thousand bottles of wines and spirits per hour. The area of vineyards of the Zavetnoye agricultural company, which supplies raw materials, is more than 800 hectares.
According to RBC, the main contender for the purchase of Inkerman was considered to be the structures of Rossiya Bank, but the deal could be complicated by sanctions against the bank. Among the former owners of Inkerman were foreign funds, including the Finnish Hartwall Capital. In 2019, it became known that Valery Zakharyin became the buyer of Inkerman. And in 2020, Vedomosti reported that the plant came under the control of Moe Vino. KVKK “Bakhchisarai” may also go to “My Wine”, according to a Kommersant source in the market.
Partner in the corporate practice of Stonebridge Legal, Roman Prudentov, says that collateral of shares is common when attracting investments to secure obligations.
Partner in the corporate law, mergers and acquisitions practice of Melling, Voitishkin and Partners, Sergei Krokhalev, notes that we can talk about providing financing with a subsequent possibility of repurchase through an option and security in the form of collateral. Lawyer of AB KIAP Alexander Varchuk adds that the rights of the pledgee depend on the terms of the agreement, but as a general rule, when pledging a share of an LLC, he exercises corporate rights, including at general meetings and when distributing profits.
The head of WineRetail, Alexander Stavtsev, notes that the inclusion of the Bakhchisaray KVKK can provide My Wine with access to the promising segments of cognac and sparkling wines produced using the acratophor method. Similar wines in Crimea are produced, in particular, by Zolotaya Balka. The Novy Svet plant, adds Mr. Stavtsev, specializes in classic sparkling wines, Massandra and Inkerman – in dry and fortified still wines. According to Rosalkogoltabakcontrol, in 2023, retail sales of cognac in Russia increased by 9.4%, to 13.8 million decaliters, and in January 2024 – by another 8.4%. CIFRRA director Vadim Drobiz notes that from 2028 it will be prohibited to use imported distillates to produce cognac in the Russian Federation, so own raw materials will become an advantage.
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