🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Russian prosecutors seek to nationalise seized car dealership, court says

Published 01/16/2024, 02:35 AM
Updated 01/16/2024, 02:55 AM
© Reuters. FILE PHOTO: Sergei Petrov, founder of Russian car dealer Rolf, speaks as he attends the Reuters Russia Investment Summit in Moscow, September 24, 2014.  REUTERS/Maxim Shemetov/File Photo

MOSCOW (Reuters) - Russia's Prosecutor General's Office has filed a lawsuit in a St Petersburg court seeking to nationalise car dealership Rolf, the court said late on Monday, just weeks after Moscow put the asset under the state's temporary management.

St Petersburg's Moskovskiy District Court said it had accepted a lawsuit filed by prosecutors, which seeks the seizure of all shares in Rolf, Russia's largest car dealership, and affiliated companies as "property obtained in violation of anti-corruption legislation".

Russian businessman Sergei Petrov, who owns Rolf, has long been accused by Russian authorities of illegally moving money abroad, charges he denies, and has had a warrant issued for his arrest. He now lives in Austria and did not immediately respond to a request for comment.

In December 2023, Russian President Vladimir Putin placed Rolf under temporary state management, a move the Kremlin said was driven solely by "economic expediency and compliance with current legislation".

© Reuters. FILE PHOTO: Sergei Petrov, founder of Russian car dealer Rolf, speaks as he attends the Reuters Russia Investment Summit in Moscow, September 24, 2014.  REUTERS/Maxim Shemetov/File Photo

Petrov in December called that seizure another blow to Russia's investment landscape and said state management may have been ordered "in the interests of one of the structures now trying to buy up (assets)".

The court said prosecutors had asked the court to hand over all shares, should they be seized fully, to the state.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.