Debts to United Grain Company reach RUB 5 billion

According to Russian business daily Kommersant (2 November 2012), state-controlled grain trader United Grain Company, 49 per cent owned by Zyavudin Magomedov’s Summa group, is owed RUB 5 billion by its clients, including RUB 1.8 billion that may not be recoverable owing to the possible bankruptcy of the debtors.

United Grain Company has already started litigating with debtors for the recovery of the debt disclosed in the company’s IFRS financial statements for the first nine months of 2012, during which it generated over RUB 21 billon in revenues.

While debts in the Russian agribusiness sector are fairly typical, this year they have been aggravated by drought and the export on exports imposed in 2010.

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