Arab Spring causes bankruptcy of Russia's top fruit importer
2012-02-22 17:50:01
Russia's largest fruit importer the Joint Fruit Company (JFC) filed for bankruptcy owing to instability in the international market in 2011 caused by the events of the "Arab Spring", the Supreme Commercial Court reported late on Tuesday.
A JFC official told Vedomosti business daily that the company faced losses last year as riots and revolutions in several Arab countries led to a rupture in business relations, the bankruptcy of company's foreign partners, loss of foreign markets and loan defaults.
A source close to the JFC co-owner told the paper that JFC Head Vladimir Kekhman filed the company's bankruptcy in case the firm would not be able to restructure its loans.
Established in St. Petersburg in 1994, the JFC Group is the international network that manufactures ships and distributes fruits. It owns about 3,000 hectares of banana plantations in Ecuador and Costa-Rica.