Geris buying of Indar shares "could be illegal," says Biotin

Gerist Invest, a little known company, has bought a majority stake in the Ukrainian insulin producer Indar so blocking Poland's Bioton, which holds 29.29% of the firm, from eventually taking majority ownership for itself, reports the Warsaw Business Journal. But Bioton says the transaction could have violated the law. "According to our information it took over shares in Indar due to liabilities of Derzmedprom [Ukrainian state owned fund] towards Gerist. Shares were securing obligations amounting to $300,000. By comparison, Bioton's 29% stake in Indar cost more than a dozen million dollars. It all seems that state property was defrauded," according to the president of Bioton, Adam Wilczega.