Avangard to close further egg farms in 2021
26 January 2021
Avangard, Ukrainian large-scale egg producer and a subsidiary of an agroholding UkrLandFarming, plans to close several egg farms in 2021. In 2020, the company shut down eight of its 27 farms. The key reason behind the farm closure process which has already affected 3,500 Avangard’s employees is the long-lasting legal proceedings related to the company’s owner Oleh Bahmatyuk.
Back in 2019, the Office of the Procurator-General of Ukraine and the National Anti-Corruption Bureau of Ukraine (NABU) reopened the investigation of the case against VAB Bank, which belonged to Oleh Bahmatyuk, and accused him of inappropriate use of a $49 million stabilization loan from the National Bank of Ukraine issued in 2014. These proceedings have heavily affected Bahmatyuk’s agricultural businesses - UkrLandFarming and Avangard.