From advance payment to bankruptcy: Nizhnekamsknepetakim (NKNK) returns the money given to Jamont.
The company filed a bankruptcy claim with the Tatarstan Arbitration Court against Sadik Ekman, the owner and founder of a Turkish construction company. The amount of claims is 2.3 billion rubles. The case was accepted for the procedure.
Jamont was the general contractor for the construction of the EP-600 ethylene complex. In June 2022, SIBUR removed the company from the project due to scandals with salary obligations and the quality of work.
Where does the debt come from?
Advance and loan - In 2022, NKNK gave the Russian subsidiary Gemont LLC an advance of 17.6 million dollars so that the contractor would pay the workers who built the EP-600 and at that time had already organized protest demonstrations due to salary delays. In addition, a targeted loan was issued to the Turkish Jamont Industries in the amount of up to 4.22 million dollars. Ekman acted personally as a guarantor for both agreements. In fact, NKNK transferred approximately $10.5 million and $2.8 million within the framework of the two agreements.
The money was not returned - the court recovered the debt from the guarantor, the Supreme Court of Tatarstan confirmed the claims (about 10.49 million dollars for the advance and 2.97 million dollars for the loan plus interest and penalties). However, Ekman did not comply with the decision, which became the basis of the strike request.
Jamont itself was declared bankrupt back in April 2023 at the company's own initiative. Its debts were estimated at 18.6 billion rubles. A year later, at the request of NKNK, the Turkish parent company also went bankrupt. The case became the first cross-border bankruptcy of a foreign legal entity obtained by an enterprise in Tatarstan. The demands amounted to 5.6 billion rubles.
Interestingly, Jamont itself is suing NKNKh and demanding 473 million rubles from it. for allegedly unpaid work. In response, the company claims that the work was not accepted due to deficiencies, the elimination of which took about 10 billion rubles.
Today, the ethylene complex has been completed and will be operational from the end of 2024. SIBUR continues bankruptcy proceedings against Jamont herself, her Russian "daughter" and now 86-year-old owner of the Turkish company.