Reports in Russia have revealed that Vladimir Kekhman, the founder and co-owner of leading Russian fresh produce company, has been declared bankrupt.
According to information published by the UK's insolvency register and reported by Russian publication Kommersant, Kekhman was declared bankrupt by the UK High Court of Justice in October, meaning that his creditors both domestically and overseas cannot lay claim to his international assets.
Rapsi News noted that Kekhman is subject to the jurisdiction of the High Court of Justice in the UK, despite being a Russian citizen, because of his substantial assets in England.
JFC filed for bankruptcy in February in order to protect its creditors and keep its sizeable business operations afloat following ongoing global economic unrest and, in particular, the impact of the so-called 'Arab Spring' on its Mediterranean operations
Two lawsuits are still pending against Kekhman and two senior managers over joint responsibility for JFC's R38.5bn (€953m) debt to Russian legal entities, while more than ten lawsuits on the recovery of overdue loans from JFC and its subsidiaries are pending in Russian courts.
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