The Arbitration Court of the Moscow Region fully accepted the request of the Ministry of Industry and Trade to suspend the corporate rights of the Dutch X5 Retail Group NV in relation to its Russian structure. Previously, in connection with the department’s statement, the Moscow Stock Exchange suspended trading in receipts of the X5 Group.
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As follows from the company’s message, the Ministry of Industry and Trade fully accepted the request of the Ministry of Industry and Trade of the Russian Federation to suspend the exercise of corporate rights of X5 in its Russian subsidiary LLC Corporate Center X5.
The retailer also announced that the shares of X5 Retail Group NV owned by X5 Retail Group NV will be transferred to its Russian subsidiary. Foreign holders of receipts and beneficiaries of the company may receive shares of the subsidiary.
The statement of the Ministry of Industry and Trade on the suspension of corporate rights was possible because X5 was included in the list of economically significant organizations. For participants in this list, the procedure for transferring to the jurisdiction of the Russian Federation has been simplified.
In addition, Russian courts have the right, at the request of the Ministry of Finance, the Ministry of Industry and Trade or the Ministry of Energy, to unilaterally exclude representatives of “hostile” countries from ownership.
The day before, the Ministry of Finance initiated a similar procedure in relation to Alfa-Bank and AlfaStrakhovanie, submitting the corresponding application to the arbitration court.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
