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Russian court rules duty-free operator Aerofirst owes $8 million to offshore

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10:59 05/09/2017

MOSCOW, September 5 (RAPSI) – The Moscow Regional Commercial Court had ruled in favor of an offshore company Teviz Holding Ltd. with respect to the inclusion of a 466-million-ruble (about $8 million) debt in the list of creditors’ claims towards duty-free operator Aerofirst, RAPSI learnt in the courtroom on Tuesday.

On August 30, the court included a 3-billion-ruble (about $50 million) debt in the list of creditors’ claims against Aerofirst.

On April 27, the court introduced a monitoring procedure with respect to Aerofirst just in few weeks after taking the same decision as concerned the operator owner Arial.

This June, the court also ruled to include a 3.1-billion-ruble (about $52 million at the current exchange rate) Aerofirst’s debt to VTB bank in the list of its creditors’ claims.

As it has been reported earlier, Aerofirst operates duty free shops under “Moscow Duty Free” brand since its first shop was established in Sheremetyevo in 1988, what makes it the oldest duty-free operator in Russia. The company website shows that it has ten shops in Sheremetyevo F terminal and 13 shops in Domodedovo airport.

Arial operates the Runway Duty Free network in Russia’s airports. The statistics for 2013 show that the company owns more than 20 shops in Moscow’s Sheremetyevo, Domodedovo and Novosibirsk airport Tolmachevo. Arial purchased 66.66% of shares in Aerofirst from Aeroflot for 1.23 billion rubles ($20 million at the current rate) in 2012. Later Arial has bought the remaining shares from Irish duty-free operator Aer Rianta.

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Russian court rules duty-free operator Aerofirst owes $8 million to offshore

10:59 05/09/2017 The Moscow Regional Commercial Court had ruled in favor of an offshore company Teviz Holding Ltd. with respect to the inclusion of a 466-million-ruble (about $8 million) debt in the list of creditors’ claims towards duty-free operator Aerofirst.
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