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22 Oct 2015

Development Bank to take over assets of Belarusian basic woodworking enterprises

MINSK, 22 October (BelTA) – The Development Bank of the Republic of Belarus will take over assets of basic woodworking industry enterprises. Belarus President Alexander Lukashenko made the relevant decision as a result of the government conference held on 22 October to discuss the fulfillment of the head of state’s instructions concerning the woodworking industry, BelTA learned from Sergei Rumas, Chairman of the Board of OAO Development Bank of the Republic of Belarus (DBRB).

Sergei Rumas said that in accordance with presidential decree No. 257 of 24 June 2015 the Development Bank had arranged an independent audit of the business plans of all the nine basic woodworking industry enterprises. The audit produced three positive conclusions in favor of taking over the management of assets of three enterprises — OAO Mostovdrev, OAO Vitebskdrev, and RUPP Novosverzhensky Lesozavod (Novy Sverzhen timber mill).

Sergei Rumas remarked that the other six enterprises have a certain potential and can secure profitable operation, however, they cannot fully pay their overdue bills in the time specified by decree No. 257.

According to the source, the prospects the six enterprises face were discussed during the government conference held by the head of state on 22 October. “As a result of the discussion the President decided that these six enterprises will be transferred from commercial banks to the Finance Ministry, with the Development Bank taking over their management,” noted the DBRB head.

Sergei Rumas said the DBRB intends to take over the management of these assets from commercial banks soon.

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