GAZ Group is objecting to Volkswagen’s decision to cease production of cars at its plant in Nizhny Novgorod. The German concern is required to compensate for losses exceeding 200 million dollars.
All Volkswagen assets in the Russian Federation were arrested. This decision was made by the Arbitration Court of the Nizhny Novgorod Region in the case of the GAZ group. This was reported by the agency “Interfax”.
GAZ requests to void the termination of the contract with the Volkswagen Group for car assembly at an enterprise in Nizhny Novgorod. Alongside VW Taos, Skoda Octavia, Karoq and Kodiaq were produced there, but production was stopped in March 2022 after the German concern joined the sanctions against the Russian Federation. In addition, the plaintiff seeks compensation of 15.6 billion rubles ($ 201.3 million).
The arrest applied to the entire authorized capital of Volkswagen Group Rus LLC, divided between three companies – Volkswagen AG (28.06%), Skoda Auto AS (16.8%) and Volkswagen Finance Luxemburg SA (55.14%). Real estate and property at enterprises in Nizhny Novgorod and Kaluga were also arrested.
In addition, any registration is prohibited, that is, liquidation, reorganization or sale of assets is currently impossible. It is noteworthy that earlier Volkswagen Group head Olivier Blumet said that the concern plans to announce the sale of the Russian enterprise in Kaluga in the coming weeks. An arrest can hinder a deal.
They have been trying to seize Volkswagen assets in the Russian Federation since spring 2022. In particular, Pyotr Tolstoy, previously Deputy Chairman of the State Duma of the Russian Federation, announced that the factory in Kaluga was nationalized and a car called “Pinocchio” was produced on it.
Moreover Focus He reported that in Russia they will introduce state regulation of automobile prices, as in the USSR.
Source: Focus
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