Three Russian companies founded by Alexander Lyskovsky, including LLC "Gorodskie Teplytsy," LLC "Gorodskie Teplytsy Moskva," and LLC "Vertikalnye Fermy," have announced plans to file for bankruptcy. According to investor Mikhail Taver, Lyskovsky failed to fulfill his duties as CEO and refused to follow investors' recommendations, contributing to the crisis.
The Federal Resource for Insolvency indicates LLC "MTS II" as the creditor for "Gorodskie Teplytsy," while the tax authorities in Moscow and Novosibirsk regions are creditors for the other entities. All three companies, solely owned by Lyskovsky, entered liquidation in November.
The companies specialized in turnkey smart vertical farms for year-round production of fresh produce using AI-powered technology. Despite earlier financial backing, including $5 million raised from venture funds like Gagarin Capital, the companies struggled amidst rising costs and poor management. Lyskovsky had noted challenges such as economic instability and reduced financial resources in prior interviews.
Investor Mikhail Taver criticized Lyskovsky's management, claiming his decisions exacerbated the companies' struggles. Taver revealed that in November 2022, investors agreed Lyskovsky would resign as CEO, transfer his shares to an options pool, and remain on the board. However, Lyskovsky did not formalize these agreements, further destabilizing the business.
Lawyers suggest the bankruptcy proceedings aim to manage outstanding debts transparently under court supervision. Legal experts indicate that initiating bankruptcy is common when a company faces insolvency during liquidation.
Although the Russian branches face closure, Taver emphasized that the international iFarm project continues operations. Lyskovsky, also known for founding Alawar Entertainment, has not commented on the situation.
The legal ramifications are ongoing, with additional lawsuits from creditors seeking investment recovery.
Source: rb.ru