The Ministry of Industry and Trade commented on the withdrawal of shares in X5 – Kommersant
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Deputy Minister of Industry and Trade Viktor Evtukhov told TASS that the share of the Dutch X5 Retail Group NV in the Russian subsidiary “creates risks of harm to the X5 division” in Russia. This is how he explained the ministry’s application to arbitration to suspend the corporate rights of X5 Retail Group NV in relation to its Russian subsidiary.
“The Dutch company X5 Retail Group NV is a direct participant in the Russian X5 with an ownership interest that exceeds 50% of the authorized capital. This circumstance creates risks of harm to the Russian division of X-5, Russia and its citizens,” explained Mr. Evtukhov. He noted that X5 Retail Group’s shares in the authorized capital of the subsidiary could be transferred to X5 itself.
The fact that the Ministry of Industry and Trade filed an application with the arbitration court earlier reported retailer press service. The company also reported that in connection with the statement of the Ministry of Industry and Trade, a decision was made to remove CEO Igor Shekhterman and company president Ekaterina Lobacheva, as well as six members of the board of directors, from the board of X5. All of them will continue to manage the subsidiary LLC Corporate Center X 5.
On March 1, 2024, the Russian government issued a decree defining six economically significant organizations (ESOs). The list also includes X5. According to the resolution, now the Ministry of Finance, the Ministry of Industry and Trade and the Ministry of Energy will be able to file claims in the arbitration court to suspend the corporate rights of foreign holding companies in these EZOs. In case of suspension of rights, companies will be deprived of the right to vote at shareholder meetings, the ability to receive dividends and dispose of shares and shares. For now, we are talking about the suspension of rights until the end of 2024.
Read more about the disposal of assets from foreign owners in the Kommersant article. “The native harbor has claimed rights”.
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