Carlsberg is embroiled in a scandal: its former head in Ukraine is suing the company
16 June 19:44
Petro Chernyshov, the former CEO of Carlsberg Ukraine, along with other minority shareholders, is challenging in court the price of the mandatory buyout of the company’s shares in 2019. They are seeking tens of millions of hryvnias in compensation. As reported by “Forbes, ” via "Komersant Ukrainian".
What is known about the Carlsberg Ukraine shares case
“The plaintiffs believe that the value of the shares was likely undervalued. According to Carlsberg Ukraine’s 2025 annual report, published in late April, the lawsuit was filed in September of last year. Along with Chernyshov, the plaintiffs include Vladimir Bychnik, owner of Art-Capital Custody, and the venture capital fund Avanpost,” the publication reports.
The plaintiffs believe that during the squeeze-out, the value of the shares was set too low. Now the shareholders are demanding that the company pay the difference, as well as compensate for inflation losses and 3% annual interest. Initially, Petro Chernyshov filed a claim for 12.2 million hryvnias, but during the proceedings, he nearly doubled the amount of his claim to 24 million. The claims of other parties to the case were also increased.
“In November, attorney Leonid Belkin began representing the plaintiffs’ interests. He is known for his involvement in the high-profile case regarding the squeeze-out of the Avdiivka Coke Plant, in which the Supreme Court ruled in favor of the minority shareholders,” the publication reports.
What Carlsberg Says
In response, “Carlsberg Ukraine” filed a counterclaim. The company is seeking to have one of the agreements invalidated, on the basis of which one of the plaintiffs obtained a claim against the company. The court decided to consider both claims within a single case.
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When will the hearing take place, and what does Chernyshov say?
In early June, the Zaporizhzhia Regional Commercial Court completed the preparatory phase of the proceedings. The main court hearing is scheduled for June 22.
“Petro Chernyshov confirmed his participation in the proceedings but refrained from commenting in detail on the case. According to him, the events that became the subject of the legal dispute took place after he had already left the company,” the publication writes.
At the same time, another lawsuit regarding the same squeeze-out is being heard in court. It was filed by Serhiy Golubytskyi, head of the NGO “Minority Shareholders of Ukraine,” and Pavlo Korovitskyi. They also claim that the share buyout price was unfair and undervalued.
What is known about Carlsberg Ukraine’s operations?
In April 2026, it was reported that Carlsberg Ukraine had changed ownership; Swedish company Carlsberg Sverige AB now controls 100% of the shares following a merger with Baltic Beverages Invest Aktiebolag. Despite a decline in revenue and net profit in 2025, the company’s assets grew by more than 9%, while its debt decreased by 5.7%.
PrJSC “Carlsberg Ukraine” is part of the Carlsberg Group and owns three breweries in Zaporizhzhia, Kyiv, and Lviv. Its brand portfolio includes “Lvivske,” Carlsberg, Kronenbourg 1664, “Kvas Taras,” Somersby, Battery, and others.
The company’s net profit in 2025 was 1 billion 807.64 million UAH, in 2024 – 2 billion 181.69 million UAH, and in 2023—1 billion 827.5 million UAH, while revenue was 12 billion 167.57 million UAH, 12 billion 488.2 million UAH, and 10 billion 812.1 million UAH, respectively. Retained earnings as of the end of 2025 amounted to 9 billion 306.7 million UAH.
Last winter, it was reported that Carlsberg would close its branches in Kharkiv, Odesa, and Donetsk, but would continue to operate throughout Ukraine.
Overall, Carlsberg reported a 5% increase in operating profit for 2025 due to cost reductions and sales of non-alcoholic beverages. The company forecasts a challenging 2026 due to weak demand for alcoholic beverages and geopolitical uncertainty.
The squeeze-out took place in June 2019 after the Swedish company Baltic Beverages Invest AB, which owned 98.77% of the shares in “Carlsberg Ukraine,” compulsorily bought out the remaining 1.23% of shares from minority shareholders. For the transaction, the market value of one share was set at 14.72 UAH.
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