"Kingcoal" directors charged with intentional bankruptcy

According to the Prosecutor's Office, actions committed by directors of the "Kingcoal" group of companies led to the bankruptcy of the Rostov coal enterprises, dismissals of thousands of miners, and wage arrears.

The "Caucasian Knot" has reported that miners from the town of Gukovo, who worked at the "Kingcoal" mines, are seeking payment of wage arrears by holding rallies, marches, and pickets. According to the calculations run by the initiative group of miners, the wage arrears reach 374 million roubles.

The directors of the "Kingcoal" companies will be brought to court in Gukovo on the charge of deliberate bankruptcy of the coal enterprises.

According to the investigators' version, the managers of "Kingcoal" avoided fulfilling their financial obligations by concluding various civil law contracts and intentionally increasing through them the enterprises' accounts receivable and accounts payable.

Such management of the company has resulted in the bankruptcy of enterprises controlled by the "Kingcoal" companies. 1000 employees were dismissed, wage arrears accumulated, and the amount of damage to 15 counterparties reached 1 billion roubles, the Prosecutor's Office reports.

Full text of the article is available on the Russian page of 24/7 Internet agency ‘Caucasian Knot’.