Dutch retail group X5 has failed to regain rights to its Russian subsidiary. The Arbitration Court of Appeal rejected the complaint of the parent company that owns Pyaterochka and Perekrestkov. Earlier, the Ministry of Industry and Trade, through a court, suspended the corporate rights of X5 Retail Group NV in relation to its Russian structure.
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The Moscow Arbitration Court of Appeal has rejected the appeal of Dutch company X5 Retail Group NV against the deprivation of its corporate rights in relation to its Russian subsidiary, according to the court file on the e-justice website.
The Dutch company’s rights to its Russian subsidiary were previously suspended; the Ministry of Industry and Trade’s application was accepted by the court in April 2024.
In Russia, there is a law according to which the court, at the request of the relevant ministries and departments, can exclude from the ownership of a Russian company participants from countries that the Russian authorities consider hostile. This applies only to economically significant organizations, including X5.
Author:
Kirill Bilyk
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.
