Finnish Owners Of Lidskae Piva Fined 12 Million Euros

• 20.02.2023, 12:24

The company wanted to leave Belarus in March 2022, but was not allowed to sell the business.

The State Control Committee of Belarus conducted an audit of Lidskae Piva and fined the company for 35.8 million rubles (€12 million at the base rate of the National Bank on February 20) based on its results. The company did not agree with the fine and appealed against the decision to the district court. The company’s representatives told Office Life about it.

Lidskae Pivo OJSC expects that the trial will last several months.

The representatives of the company added that due to the uncertain situation, the parent company of Lidskae Piva, Finnish holding Olvi PLCi, cancels the financial forecast published on February 10 and will not publish a new one.

The previous forecast reads: “Olvi Group's operating income is expected to decline year-on-year and was adjusted for 2023. Business operations in Belarus are subject to uncertainty related to the war in Ukraine and, in particular, the impact of foreign exchange rates, therefore, the operating profit of the segment is expected to decrease.”

It should be noted that in March 2022, Olvi Group, which owns 96.36% of Lidskae Piva, announced its intention to leave the Belarusian market. But due to restrictions on the disposal of local assets, which were accepted by the Lukashists, the Finnish company was unable to sell its shares.