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Financial difficulties with ATEC investments into Motovelo

The Austrian company ATEC is having financial difficulties with investing in the Belarusian company Motovelo, Piotr Lukyanov, First Deputy Director of the State Property Fund of the State Property Committee of Belarus, told media in Minsk on 23 July. 

The Austrian company bought Motovelo in 2007. So far terms of the sale contract are being fulfilled, but there are already issues regarding partial payment of the main investment sum. The payment deadline specified by the contract is the end of the year. It has not been broken yet but punitive sanctions have been applied already. ATEC has been notified about them. Relevant sessions have been held in the Council of Ministers, the Industry Ministry and the Economy Ministry. In view of the financial hardships ATEC has suggested replacing the investor with one of its Austrian subsidiaries. 

However, the State Property Committee cannot accept the proposal because it runs contrary to the presidential decree on selling Motovelo. It is up to the head of state to decide whether the investor can be replaced. 

“We don’t fear that the investor will leave. Such fears are premature,” said Piotr Lukyanov. Relevant negotiations are underway. There is a certain hope, assurance from the ATEC head. The matter will be resolved, said Piotr Lukyanov. 

Apart from that, the glass factory Yelizovo is also having financial difficulties at present. Major funds have been spent on renewing its production facilities, with ATEC acting as an investor. “We believe that the money will not go away from Belarus,” said Piotr Lukyanov. He said he hopes the problem at Yelizovo will be resolved.



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