The company Yota Devices officially declared bankrupt. Mark has received more notoriety for his innovative Russian smartphones, owes vendors a fabulous sum, for which he paid.

A big problem a small company

Manufacturer YotaPhone, company Yota Devices is going bankrupt. This decision was made by the Supreme court of the Cayman Islands. The lawsuit was filed by the company Hi-P Electronics, which supplied Yota displays for the first two models of the YotaPhone. At Hi-P Electronics demanded of the defendant payment of the debt for a million dollars.

Cooperation Yota Devices and Hi-P Electronics began four years ago — in 2015. Soon, however, the manufacturer of the YotaPhone began to disrupt the timing of production. As stated by the supplier of the screens, Yota Devices has disrupted the start of sales of its debut smartphone in the U.S. market. Against the company filed a lawsuit to the international Tribunal of Singapore to recover 126 million dollars. As interim measures the court awarded $ 17 million. However, Yota Devices has not found the money. For her the entire amount paid for one of the major shareholders — the Fund Telconet.

The General Director of the management company Telconet Masterfield Ekaterina Lapshina said that after receiving compensation Hi-P Electronics renounced claims to the Yota. Soon, however, again put an opponent in a lawsuit for a million dollars — the same, after which Yota Devices was declared bankrupt.

Took off

Yota Devices has gained first fame in 2010 when it was announced that the development of the first Russian smartphone YotaPhone. For the first time a model in the development of the then President of Russia Dmitry Medvedev presented the head of state Corporation “rostec” Sergey Chemezov.

In 2013, the first YotaPhone was finally presented in all its glory. The first person who saw it, again, was Dmitry Medvedev. Chemezov at a meeting with Prime Minister noted that the development of the first domestic smartphone unique because for the first time the phone was equipped with two screens — the main color and the back black-and-white with the technology of “electronic ink”.

“In short, Apple tensed up,” joked Medvedev.

Chemezov shows Medvedev YotaPhone in 2013. Photo source: RIA “Novosti”

YotaPhone budget replacing many foreign developments — the price of the advanced smartphone not exceed 20 thousand rubles.

Two months after the start of sales of the company Yota has sold only 12 million devices, and almost all of through your own online store — sales through the salons of communication the brand did not grow together. As wrote newspaper “Vedomosti”, this figure was negligible over the last quarter of 2013, Russians bought in the salon MTS of 6.86 million smartphones of other brands.

However, the then CEO Vladislav Martynov said “Vedomosti” that Yota just probing the market and started to understand what is worth paying attention to in the first place.

Only Yota has released three smartphone, and none of them have received great popularity in Russia. However, the company has succeeded in the field of issue of 4G modems and routers. In the world of LTE devices Yota captured 6% of the market.

One of the latest developments of Yota Devices was supposed to be a tablet — which is the same as the smartphone would have received two screen. In December 2018, the company said it will recruit specialists from Russia, China and Finland. However, to date, the device is not ready. And in light of recent events, he has every chance never to reach a broad market.

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