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From Executives to Creditors: Who Is Financing Amber Beverage Group’s Former Management? The Transaction May Involve Several Million Euros in Financing
Riga, 14 September 2026 — In 2022, Amber Beverage Group (ABG) joined Europe in expressing support for Ukraine, reaffirming its commitment to shared international values. Russian authorities subsequently designated ABG and its owner as “extremists” and nationalised ABG’s state-of-the-art spirits production facility. The consequences extended beyond the loss of the facility: ABG was also denied access to the Russian market and faced operational disruption across CIS markets.
Amber Beverage Group is seeking clarification regarding the circumstances in which its liabilities to UBS and Luminor were acquired by a recently established company owned by former ABG executives whose management decisions materially contributed to the Group’s current difficulties.
ABG is seeking answers both about the acquisition of the debt and about the conduct of these former executives during their tenure with the Group—how the business was managed, how financial commitments were undertaken, and how those decisions affected the Group’s financial position.
As a result of the transaction, former executives have assumed the position of creditor in relation to a company that they previously managed and on whose behalf they arranged financing from UBS and Luminor. ABG is calling on UBS, Luminor, Rietumu Banka and SIA “MBO Beverages” to explain the structure of the transaction, its sources of financing and its potential implications for this historically important Latvian producer.
On 21 August 2026, UBS appointed MBO Beverages as security agent. On 9 September, UBS and Luminor transferred to the company their claims against Luxembourg-registered Amber Beverage Group Holding S.à r.l.
MBO Beverages was incorporated in Latvia on 6 May 2026 with registered share capital of €11,200. Former ABG CEO Jekaterina Stuģe, who signed the loan agreements with UBS and Luminor on behalf of ABG, and former production facility director Intars Geidāns each own 45% of MBO Beverages. The remaining 10% is owned by former ABG employee Rolands Gulbis.
ABG states that it has received information indicating that Rietumu Banka may have provided financing of several million euros for the acquisition of the debt. The Group is calling on Rietumu Banka and MBO Beverages to confirm whether such financing was provided and to explain the related security, guarantees and repayment terms.
The amount of a company’s registered share capital does not, in itself, determine its capacity to finance a particular transaction. ABG is seeking to establish which financial resources and obligations underpin this acquisition and whether repayment of the financing depends on the continued operations or refinancing of Group companies, or on the sale of ABG assets.
The Immediate Test: Support for the Restructuring
ABG is calling on MBO Beverages to state publicly its position on the legal protection proceedings (TAP) measures plan for Latvijas balzams and to clarify the nature and extent of any voting rights it may hold in connection with the acquired claims.