Founder announces bankruptcy of Russian online retailer Wikimart

MOSCOW, Dec 15 (PRIME) -- Maxim Faldin, a co-founder of Russian online retailer Wikimart, said Thursday on his Facebook page that the company has gone bankrupt due to unprofessional steps by top-executives.

“This is my final letter as of the founder of the company. Sure, once a founder, forever a founder. But companies are born and die, Wikimart has died so I bid farewell to it today,” Faldin said.

The legal entity of the retailer will be declared bankrupt in February 2017 and its CEO will probably resign by the end of 2016, Faldin said.

He said that the top-executives spent twice as much money over 20 months of administration than the founders did in 2008–August 2014. By the time he personally intervened “there were no assets that could be saved in the company and no competences which could be kept.”

Faldin said he will not initiate criminal cases against the company’s top-management.

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