The Nizhny Novgorod Arbitration Themis satisfied the claim of the GAZ Group, seizing the Russian property of the German automaker Volkswagen.
The Russian side intends to recover from the company more than fifteen and a half billion rubles in losses, which it suffered due to broken agreements on joint contract assembly of cars in Nizhny Novgorod.
“A 28.06% stake in the authorized capital of Volkswagen Group Rus LLC, as well as a 16.8% stake in the authorized capital of Skoda Auto A.S, and a number of other assets were arrested. As a result of the court decision, the tax authorities can no longer carry out any actions to liquidate, reorganize, change the authorized capital of companies owned by the German automaker, which has suspended operations in Russia.”
The difficulties of the German company arose due to the expiration of the license for joint production at the GAZ site, which was signed back in 2011. Skoda Kodiaq, Karoq, Octavia and Volkswagen Taos were produced in Nizhny Novgorod.
On March 3 last year, the automaker announced the closure of the plant “until further notice”, placing the staff in forced downtime. Later, top managers of the Volkswagen Group publicly refused to return to the production and sale of cars in the Russian Federation.
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