Five years ago, a major investment project was set to transform the Bobruisk greenhouse complex in Belarus. Belarusbank extended a loan exceeding $180,000 to fund the initiative. Today, the company's owner is in prison, and LLC "Bobruisk Greenhouse Complex" is over 150,000 dollars in debt. Bankruptcy proceedings began in June.
In 2019, Vugar Sadygov, a businessman originally from Sumgayit, Azerbaijan, but holding a Belarusian passport, was the director of the complex. Before this venture, Sadygov had successfully traded Belarusian vegetables and potatoes, both domestically and for export.
Sadygov's vision for the complex included a comprehensive modernization. Reports from that time indicated plans to construct state-of-the-art fifth-generation greenhouses, with structures up to 7 meters high and equipped with modern air recirculation and conditioning systems.
Confident in his project, Sadygov personally guaranteed the loan as an individual. The loan terms were particularly favourable: tranches in the first year were at the refinancing rate minus 1%, with subsequent tranches at the refinancing rate plus 1.5%.
However, the business began to falter following Sadygov's imprisonment. Loan repayments ceased, with only $1,525 paid in 2023. Consequently, the bank filed for the company's bankruptcy.
Source: officelife.media