In the north of the Sverdlovsk region, the city-forming enterprise, the Karpinsky Electric Machine-Building Plant (KEMZ), which provides hundreds of jobs in one of the most depressed cities in the Middle Urals, was under a real threat of bankruptcy.
The former head of the directors board at the plant, Ruslan Bakirov, filed a court case to declare the company financially bankrupt. He had previously sued the joint-stock company for tens of millions of rubles in a loan dispute. Now KEMZ, which partners with Russian Railways and other large state-owned companies, is trying to negotiate a postponement or payment plan for its debts to Bakirov, pointing out the difficulty of carrying out a court ruling at this time. At the same time, the company claims to be a victim in a fraud case against Bakirov, referring to the Federal Tax Service's conclusion about the businessman's involvement in illegal banking operations to withdraw money. This conflict is part of the ongoing struggle between the beneficiaries of KEMZ's main owner, with allegations of money transit, fund withdrawals, and attempts to seize corporate control. The company is facing losses, leading observers to increasingly doubt its viability. This situation worries both the local government and hundreds of families who depend on the company for employment.
Ruslan Bakirov, the former head of the directors board of OAO Karpinsky Electric Machine Building Plant (KEMZ), filed for bankruptcy against the city's main company in Karpinsk.
To clarify, the plant was previously ordered by the court to pay the ex-manager more than 47 million, of which 41 million was a debt from a loan agreement and 6.6 million were interest. KEMZ tried to challenge these actions, citing possible misconduct by Bakirov, but failed to win the appeal and cassation proceedings.
“Entrepreneur Bakirov PM's assets were seized based on three enforcement orders; in addition, cases are ongoing to recover more than 77 million rubles from Bakirov in general jurisdiction courts. The company also notes that KEMZ was declared a victim in a criminal case against Bakirov under Article 159 of the Criminal Code of the Russian Federation,” KEMZ stated when requesting a suspension of the enforcement of court rulings.
Additionally, representatives of the plant stated that an on-site tax audit revealed that “Bakirov carried out illegal banking operations aimed at withdrawing funds.”
However, the courts refused to suspend the enforcement of court rulings. KEMZ is now pushing for a postponement or payment plan for the enforcement of recovery decisions. In the Arbitration Court of the Sverdlovsk Region, the company's representatives cited a difficult financial situation and “the impossibility of carrying out a court ruling at this time.” After being denied, KEMZ lawyers filed an appeal.
Currently, KEMZ, represented by Natalya Yakunina, is attempting to contest the loan agreement itself, which was the reason for recovering funds from the enterprise.
Earlier, Pravda UrFO reported in detail about a major corporate conflict at the city-forming enterprise of Karpinsk, which seemed to be related to the dispute between the beneficiaries of the main shareholder of KEMZ LLC 1 Capital. This conflict involves Natalya Yakunina, Natalya Kupaeva – the mother of Ruslan Bakirov, and concerns funds withdrawal, transit chains, pressure attempts, and corporate governance seizure.
More than 72 million rubles were collected from Karpinsky Electric Machine Building Plant in favor of Elektromash LLC related to KEMZ’s obligations to KB Koltso Urala LLC (owned by Moscow Credit Bank PJSC). The court also decided to foreclose on a long list of property of the enterprise. The dispute is currently under appeal.
At the same time, the Sverdlovsk enterprise is attempting to void the transaction for the transfer of funds from LLC Elektromash to LLC KB Koltso Urala and to dispute the arising right to claim under the pledge agreement. It was previously mentioned that the participants in the dispute claimed that Elektromash was allegedly controlled by Yakunin V.V. and Yakunina N.Ya.”
It's important to note that legal proceedings are progressing as the enterprise faces challenges. Reports show that for 9 months of 2021, the plant’s revenue dropped by more than half compared to the same period in 2020, standing at 276 million (compared to 635.1 million in 2020). The company showed a loss of 97.9 million by the end of September last year, while in January-September 2020 it had a profit of 68.4 million.
Additionally, the 2020 report showed that KEMZ has accounts payable of 147.6 million, with expired maturity. The auditor’s report expressed doubts about KEMZ’s ability to continue as a going concern, given the material uncertainty surrounding its ability to satisfy creditors’ claims.
Photo: smalkov.ru
Pravda UrFO tried to reach out to the Karpinsky Electric Machine Building Plant for comment on the current situation, but the receptionist declined to facilitate a connection with the management without a written request.
It's worth mentioning that KEMZ has partners like Russian Railways, SUEK, NK Rosneft. The 2019 reporting showed that the asset supplied its products to the largest manufacturers of mining equipment in Russia, including electric machines, brakes for drilling rigs, and electrical equipment kits for an electric locomotive.
