Bankruptcy petition against Finnish yacht storage firm withdrawn after tax debt paid

A bankruptcy petition against Kotka Yacht Store has been withdrawn after the company settled its tax debt of approximately €58,900, including late fees, the Finnish Tax Administration confirmed on Tuesday.

The Tax Administration had filed for bankruptcy in May, but the company announced on Monday that it had paid the full amount owed. The district court was formally notified of the withdrawal on Tuesday, and the case will not proceed.

Kotka Yacht Store, based in Kotka’s Hovinsaari, has drawn national attention for storing the luxury yacht Fotini, reportedly used by Russia’s former president Dmitry Medvedev. The 32-meter vessel has been stranded in Finland due to EU sanctions against Russia. Last summer, the company was owed nearly €100,000 in unpaid storage fees for the yacht and had considered auctioning it, though no sale was initiated.

Last autumn, the company was involved in disputes with boat owners over storage fees. Kotka Yacht Store is owned by Russian businessman Aleksei Ponomarenko, who also serves as the company’s board chairman.