Oligarch Chyzh tries to bypass EU sanctions
8:00, — Politics
Lukashenka's “banker” reorganises his business.
Transferring the management of Rakovsky Brovar restaurant, which is subject to the EU sanctions, to businessman Pavel Palonski was the first step. Earlier, Yury Chyzh got rid of Triple-Techno, another company subject to restrictive measures.
Besides Rakovsky Brovar, which was opened in 1997, Pavel Palonski received U Frantsiska restaurant, several market sources confirm. These two restaurants have been included in the discount programme Chocolate available in all Pavel Palonski's restaurants owned. This information appeared on the website of the group of his restaurants, Yezhednevnik reports.
Palonski is considered to be one of the most successful Belarusian restaurateurs. He started his business in 1993 with buying Doka-Pizza franchise from Vladimir Dovgan. Palonski is a co-owner and managing director of the group of restaurants and cafes, such as El Pomidoro, Territoria, Sem Komnat and Staroe Ruslo. Palonski is said to have received or receive in the near future three cafes Salodki Falvarak owned by Triple.
According to the information that appeared a month ago, one of the cafes was put on sale with Bukhara restaurant owned by Chyzh. The price is 2 million dollars. Yury Chyzh already got rid of another restaurant and a hotel in Mir Castle this year. They were given to the state on a grant basis.
Trusts or sales of restaurants is not the first and, to all appearances, not the last step of the famous businessman to restructure his business. In 2011, he liquidated the company Triple Techno, which formed a new company, Minski Dom Okon, with Ivan Burakouski's company Minskie Okna. Triple-Techno was headed by Siarhei Zelianko for many years. Chyzh got acquainted with him when he was a key shareholder in Belarus Exchange Bank (Belorusskiy Birzhevoy Bank) and Zelianko was a member of the board. Zelianko moved to Triple after the bank's collapse and returned to banking business after the closure of Triple-Techno. Zelianko is a deputy chairman of the management board of BelVEB Bank.
Chyzh is reported to have lost interest in meat processing. He is said to be looking a buyer for his Triple Veles plant, but the information wasn't confirmed.
The businessman has about 15 directions in his group of companies, which is enough to choose priorities. Hotel real estate seems to become his new priority. The joint limited liability company K M Luxury Hotel was registered some weeks ago at the address 51/2 Winners Avenue, where Triple's head office is located. The new company is likely to be a joint management company of Kempinski Hotel in Minsk centre.
The EU imposed sanctions on 18 companies of oligarch Yury Chyzh for his support of repressions against opposition carried out by the Belarusian authorities. Imposed in 2011, the restrictive measures were extended in autumn 2013. LLC Triple, JLLC Neftekhimtrading, CJSC Askargoterminal, LLC Triple Metal Trade, JSC Berezovsky KSI, JV LLC Triple-Techno, JLLC Variant, JLLC Triple-Dekor, JCJSC QuartzMelProm, JCJSC Altersolutions, JCJSC Prostoremarket, JLLC AquaTriple, LLC Rakovski Brovar, MSSFC Logoysk, Triple-Agro ACC, CJCS Dinamo-Minsk and JLLC Triplepharm are subject to the EU sanctions.
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