AFP

Bankruptcy crisis for Russian manufacturer 14 February, 2016

According to Russian news Agency TASS, Russian infantry fighting vehicle manufacturer Kurganmashzavod (Kurgan Machine Building Plant/ KMZ) faces bankruptcy petition. KMZ has signed a deal with Russia’s Defence Ministry to deliver more than 200 BMP-3 infantry fighting vehicles to Russian army units in 2015-2017. KMZ has been filed with the Kurgan Arbitration Court, The petitioner is MTE Group registered in Moscow. According to the petition KMZ was to pay in two stages 41 million roubles ($515,000) of total debt on lease payments and some 1.9 million roubles ($23,800) of cancelation penalty. The court said KMZ only paid 276,000 roubles ($3,460) out of the debt. No verdict was declared. The BMP-3 is one of the most heavily armed infantry combat vehicles in service.

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