“Chocolate King of Russia” declared bankrupt

The former head of the bank “Ankor” Andrey Korkunov, better known as the “chocolate king of Russia” thanks to the established confectionery factory of his own name, was declared bankrupt. RIA Novosti reports.

The Moscow Arbitration Court has opened the procedure for the sale of his property. The first bankruptcy procedure – debt restructuring – was introduced by the court against Korkunov in September at the request of Ankor Bank.

At the beginning of March last year, the Tatarstan Arbitration Court received a claim to bring Korkunov to subsidiary liability after the bankruptcy of Ankor, which lost its license in 2017. The entrepreneur, together with other shareholders, owes the bank’s creditors 5.94 billion rubles, since the bankruptcy was the result of his activities.

Korkunov is best known for the confectionery company named after him, founded in 1998. In 2007, it was sold to the chewing gum manufacturer Wrigley.