X5 Retail Group has appealed to the Arbitration Court against decisions of lower courts on the claim of the Ministry of Industry and Trade of the Russian Federation on the suspension of its corporate rights in LLC Corporate Center X 5, the information is in the case file.
Author:
https://rb.ru/author/ntihonov/
Subscribe to RB.RU on Telegram
On March 29, X5 received a notice from the Ministry of Industry and Trade about the suspension of rights over its Russian subsidiary. Almost a month later, the Arbitration Court of the Moscow Region agreed with the arguments of the Russian Ministry of Industry and Trade and suspended the exercise of corporate rights.
Russia’s Ministry of Industry and Trade asked the court to transfer the shares owned by X5 to its own subsidiary, Corporate Center X 5. In May, the court returned the undistributed shares from the suspended rights of the Russian subsidiary. Around the same time, X5 announced that it would not pay dividends for 2023.
Vedomosti reported that on May 20, changes were made to the company’s constituent documents: now 99.99% of the shares of “Corporate Center X 5” have been transferred to the company itself, previously they were owned by the Dutch X5 Retail Group NV.
Dutch retail group X5 has failed
to restore the rights of its Russian “daughter”. The Arbitration Court of Appeal rejected the complaint of the parent company that owns Pyaterochka and Perekrestkov.
Author:
Nikolai Tikhonov
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.
