![#](https://e-malt.com/Images/left_top_corner16x200.gif) | E-Malt.com News article: 735
Russian brewer Baltika, owned by Baltic Beverage Holdings, the joint venture between Carlsberg and Scottish & Newcastle, has filed for bankruptcy for its Belarusian brewer Krinitsa. The move is an effort to compensate some of the US$10.5 million it has invested in the business, Russian newspaper Vedomosti reported in a statement.
In 2001 Belarus government and Baltika agreed that, in return for a controlling stake, Baltika would invest US$50 million in Krinitsa. However, the Belarusian government went back on the deal and cut Baltika's stake to only 30%. Baltika had at that stage already invested US$10.5 million.
The Belarus government has since recently said it opposed foreign investments in Belarusian breweries altogether.
07 March, 2003
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