A chip manufacturing company went bankrupt in Russia
The plant, which was overseen by a former minister close to Putin, received billions in state funding, took out loans, after which it “ceased to have the funds to conduct its activities.”
The bankruptcy of one of the largest chip manufacturers in Russia, the Angstrom company (Zelenograd), has begun. It was a landmark for the Russian Federation, but, despite billions in state funding, it went bankrupt. This was reported on Friday, December 6, by The Moscow Times.
It is noted that the company has been put under observation, and the decision to declare the debtor bankrupt was made at the request of Zenit Bank on December 2. According to the case materials, in November 2019, the court recovered 1 billion rubles from Angstrom in favor of Zenit, but the plant has not returned the money for more than six years.
The plant was a landmark for Russia and was to become the largest player in the production of microchips. It was overseen by former communications minister Leonid Reiman, who is close to Putin.
He received state funding of $ 1 billion – in 2008 his company attracted a credit line of VEB in the amount of 815 million euros to create a production of processors, smart cards, electronic passports. The project was supported by the government and the Security Council.
Having accumulated more than 100 billion rubles ($ 1 billion) in debt, Angstrom suddenly stopped paying on loans. In 2014, Angstrom stopped having funds to conduct business, the tax service noted.
According to its data, Angstrom has 108 enforcement proceedings for 147.6 billion rubles ($ 1.5 billion). It also has pending legal proceedings for more than 500 million euros.
It was previously reported that more than half of the Baikal chips produced in the Russian Federation are defective.
