Russian bank Inkombank’s controlling 51.06% stake in confectionery company Babayevsky has been sold, according to some sources, to the company Amidis on behalf of the Moscow city government and top managers at Babayevsky.

Inkombank was declared bankrupt on 1 February 2000, but the planned sale of its Babayevsky stake was disputed by representatives of the bank’s German creditors, who said that they had not received any documents on the basis of which a balanced decision on a sale could have been made.

The stake was due to be sold on 15 January but a Babayevsky shareholder bought a suit against the sale in the Cheryomushkinsky municipal court and auction was barred.

By the evening of the 15 January, however, the creditors committee voted to sell the stake directly to the company that offered the highest bid. It cited the arbitration court’s restriction of the time period for bringing together assets to be sold off and the need to pay category three and four creditors (the government and Central Bank), as the reasons behind their sudden haste.