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Finnish Owners to Re-Register Crimean Winery under Russian Law

The Sevastopol authorities earlier included the winery in the list of 35 companies they intended to re-nationalize

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SEVASTOPOL, March 26 (TASS) - The government of the Crimean city of Sevastopol and the Finnish owners of the local Inkerman winery have agreed to hold the company’s inventory and re-formalize their contractual relations under Russian law, Chairman of Inkerman International Board of Directors Michael Terman said on Thursday.

The Sevastopol authorities earlier included the winery in the list of 35 companies they intended to re-nationalize.

<figcaption>Photo: Alexey Pavlishak, © ITAR-TASS</figcaption>
Photo: Alexey Pavlishak, © ITAR-TASS

"We understand that we are now in a new legal framework and are ready to respond properly. We are confident that we’ll continue working here. The [Western] sanctions disturb a little but we’re not going to quit," Terman told journalists in Sevastopol.

Sevastopol Governor SergeyMenyailo said: "No one is going to edge out anyone. We simply tell investors: let us work in the legal field so that neither side breaches the law. I hope we have been heard." He made this statement after talks with a representative of the Finnish investment fund Hartwall Capital, which holds a controlling stake in the Sevastopol winery.

Hartwall Capital bought a controlling stake in Inkerman International in 2011. The Group’s other shareholders include the Ukrainian corporation Logos and the U.S. investment firm Horizon Capital.


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