The court seized Volkswagen’s Russian assets
- March 21, 2023
- 0
Just a week ago, GAZ Group filed a lawsuit to void the termination of the contract for the contract assembly of Volkswagen AG cars at the facilities of
Just a week ago, GAZ Group filed a lawsuit to void the termination of the contract for the contract assembly of Volkswagen AG cars at the facilities of the Russian plant. The Arbitration Court of the Nizhny Novgorod Region did not hesitate to issue a verdict.
Themis quickly complied with the Gorky residents’ claim and imposed a number of restrictions on the assets of the German automaker. In particular, it seized shared ownership, as well as all of VW’s property in Russia. The only exception was the money, which the court did not “frozen” by force.
Among other things, the Germans are prohibited from taking registration actions related to the reorganization, liquidation, reduction of the authorized capital. The taboo also rests on the activities of legal entities controlled by Volkswagen.
According to Interfax, GAZ Group required former partners to recover 15.6 billion rubles in losses incurred as a result of the closure of the assembly site.
Recall that at the Nizhny Novgorod plant, the German auto giant produced several Skoda models, including Octavia, Karoq and Kodiaq, as well as the Volkswagen Taos crossover.
Themis quickly complied with the Gorky residents’ claim and imposed a number of restrictions on the assets of the German automaker. In particular, it seized shared ownership, as well as all of VW’s property in Russia. The only exception was the money, which the court did not “frozen” by force.
Among other things, the Germans are prohibited from taking registration actions related to the reorganization, liquidation, reduction of the authorized capital. The taboo also rests on the activities of legal entities controlled by Volkswagen.
According to Interfax, GAZ Group required former partners to recover 15.6 billion rubles in losses incurred as a result of the closure of the assembly site.
Recall that at the Nizhny Novgorod plant, the German auto giant produced several Skoda models, including Octavia, Karoq and Kodiaq, as well as the Volkswagen Taos crossover.
Source: Avto Vzglyad
Donald Salinas is an experienced automobile journalist and writer for Div Bracket. He brings his readers the latest news and developments from the world of automobiles, offering a unique and knowledgeable perspective on the latest trends and innovations in the automotive industry.
