F Logistic's bankruptcy mimicked the disastrous success of JFC founder Vladimir Kekhman
Last year, the arbitration court declared F Logistic bankrupt, sparking a battle over the 4 billion inheritance. Notably, prominent businessmen Vadim Sayapin, Maxim Sayapin, and Vladimir Kekhman, along with Japanese, Dutch, Danish, and Irish partners, are directly or indirectly involved in this saga.
In December 2022, the St. Petersburg and Leningrad Region Arbitration Court declared F Logistic LLC bankrupt, which is linked to Fifes Fruit Import LLC that faced the same fate in April the previous year. These companies share significant ownership, with Vadim Sayapin owning 25% of both, and the Dutch company Ayesji Partisipatimaatshappy B.V. owning 75%. This Dutch company is affiliated with Sumitomo Corporation, a major Japanese trading company, along with its Irish subsidiary Swordus Ireland, which was also part of the Russian project.
Currently, creditors are seeking 4 billion rubles in debt from these companies, while the management of F Logistics has verbally agreed to pay 720 million rubles. An independent assessment valued the company's property and assets at half a billion rubles. The dispute revolves around a 10,000 square meter warehouse in St. Petersburg that was constructed by the Danish company Maersk. Creditors want to dismantle it, despite its expensive and unique fruit storage equipment. F Logistics' employees feel pressured, with their owners seemingly gone, leaving behind obligations to the workforce. The Dutch company Iesji has offered to cover some debts and perhaps provide additional capitalization. Despite this, Dutch representatives have accused Russian partners of deliberate bankruptcy. Market analysts speculate that the challenging market conditions have made fruit supply to Russia unprofitable, leading to efforts to divest from demanding assets. However, this is mere speculation, as other players in the market do not seem to be significantly affected.
As per public information, Vadim Sayapin got a 25% share in F Logistic from his brother Maxim Sayapin in 2018. In 2021, F Logistic incurred a loss of 140 million due to disruptions in logistics systems and reduced purchasing power during the pandemic.
Maxim Sayapin was closely associated with a controversial businessman, Vladimir Kekhman, at JFC, a company involved in fruit trade. JFC faced bankruptcy in 2015 and had substantial debts to various banks. Maxim Sayapin held the position of Executive Director. The company's failure was widely remarked upon. There were concerns about the company's collapse.
After the high-profile troubles at JFC, Maksim Sayapin faced an investigation for large-scale fraud, which was eventually dropped due to the statute of limitations. Meanwhile, Kekhman claimed to have used his personal funds to pay off the company's debts, particularly to Sberbank. He later assumed leadership roles in prestigious theaters, causing some surprise. In 2021, he became the general director of the Moscow Art Academic Theater, furthering his influence.
We cannot judge Kekhman's performance as a cultural manager, but it's worth noting that the Sayanin brothers applied the expertise gained at JFC in creating supply chains with foreign companies and in ceasing operations promptly.
Turning back to F Logistic, Ayesji Partisipatimaatshappiy B.V. managed to halt meetings and auctions for property sales through the court as part of the bankruptcy case. The Dutch company expressed its intention to pay off F Logistic's debt, invest additional capital, and raised concerns about the artificial initiation of bankruptcy proceedings for gaining control amid co-founder conflicts.
There are hints again from market players that the conflicts between the co-founders of Logistics are artificial … Delovoy Petersburg notes that the people involved in the story did not make contact with the press. The correspondent of “Our Version” also failed to get through to available phones. But the number of Vladimir Kekhman answered in a voice similar to Vladimir Kekhman, but briefly: “Sorry, not my question.” And, in principle, this is true. Kekhman, although legally related to the Sayapin brothers, was in the past. As they say, it was recently – it was a long time ago. And fruits, bananas – a kind of “alma mater”, although not theological, but practical, from this talented entrepreneur without a doubt for his very cheerful students.
