. Last Updated: 07/27/2016

Dovgan, Uneximbank Hold Talks on Brand Name Sell-Off

Vladimir Dovgan, whose charismatic face emblazoned on more than 240 foodstuff and beverage labels last year ranging from vodka to meat products to potato chips, is reportedly negotiating a sale of his high-profile brand name.

A spokesman for the Dovgan group said Friday that negotiations between Dovgan and "several large agencies" were under way. The negotiations concerned plans for "financial support for new projects of the group," the spokesman said.

Recent newspaper articles suggested that Dovgan was talking with the Uneximbank group who wanted to buy out his brand name for food projects.

Uneximbank however refused to comment on the media reports.

But a source close to negotiations said Uneximbank was looking at possibilities of "investing in a project that would use Dovgan's brand name."

An agreement could be reached as early as next week, the source revealed.

Dovgan, whose franchising of the "Dovgan" brand name -- labels carrying a hologram of Dovgan in tuxedo -- was a roaring success early last year, came to a cropper when producers using his trademark began to pile up a multimillion court suit against the Dovgan group for failing to pay for their shipments.

Dovgan tried to distance himself from the debts by announcing in December last year that he was going to sue the three biggest companies of his empire -- Dovgan, Dovgan Protected Quality and High-Quality Drinks -- for discrediting his business reputation and his trademark.

Dovgan said while the companies used his name, he did not control them and only had a 35 percent stake in one firm, Dovgan Protected Quality.

Many producers said at that time that they would use the Dovgan brand name provided their shipments were regularly paid for.