One of the largest chip manufacturers in the Russian Federation went bankrupt

In Russia, the bankruptcy of one of the largest chip manufacturers, the company Angstrem (Zelenograd), began. It was a landmark for the Russian Federation, but, despite billions in government funding, it went bankrupt. The Moscow Times reported this on Friday, December 6.

It was noted that the company initiated a monitoring procedure, and the decision to declare the debtor bankrupt was made at the request of Zenit Bank on December 2. According to the case materials, in November 2019, the court obtained 1 billion rubles from Angstrem in favor of Zenit, but the plant did not return the money for more than six years.

The plant is important for Russia and should become the biggest player in the production of microchips. It is overseen by former Minister of Communications Leonid Reiman, close to Putin.

He received government funding for $1 billion – his company in 2008 obtained a line of credit from VEB for 815 million euros to create the production of processors, smart cards, and electronic passports. The project is supported by the government and the Security Council.

Having accumulated more than 100 billion rubles ($1 billion) in debt, Angstrem suddenly stopped paying his debts. In 2014, Angstrem stopped having funds to conduct business, the tax service said.

According to its data, Angstrem has 108 enforcement proceedings worth 147.6 billion rubles ($1.5 billion). It also has pending litigation of more than €500 million.

It was previously reported that more than half of the Baikal chips produced in the Russian Federation were defective.