The JSC was registered in 1990 on the basis of state enterprise EPK "Mariysky" established in 1984. The enterprise was specialized on processing ship skins. The share of state in JSC was represented by a working fur and fur coat factory with 500 workers, and the share of the foreign investor, Italian entrepreneur Gianfranco Bogino's - by machinery, investments and technologies (according to him for the value of 11 million US dollars). Later the foreign partners' share increased up to 50%. Since 1995 the enterprise had been under Mr. Bogino's management. On 25 July, 2001 the regional department of FSFO of Russia in Mariy El Republic forwarded to the Arbitration Court a complaint asking to declare JV Marital bankrupt as the enterprise had the overdue tax debt. The court imposed the receivership procedure.
Recently group of Italian entrepreneurs signed a petition to presidents of Italy and Russia asking to "assist in restoring justice with regard to Mr. Bogino". The parties blame each other in JSC misfortunes. Local authorities say many deals made by JSC "Marital" under Mr. Bogino are not in conformity either with the market situation or business turnover norms, as they were made on deliberately unfavorable terms They accuse Mr. Bogino of deliberate bankruptcy of the enterprise (purchase of raw materials at extremely high, non-market prices, selling ready production at low price and so on…) According to the President of Mariy El Republic the Italian businessman was three time offered to conclude an accord and satisfaction agreement, to restructure debts, to buy out his share. Mr. Bogino has his own weighty arguments proving the local authorities guilt. The argument between the founders is still being under consideration in the court. This conflict even caught the attention of the central TV journalists.

Source: RLN
07.05.2003