Arbitration Court of the Nizhny Novgorod Region detained the assets of the Volkswagen Group in Russia, including its participation in the local subsidiary, in the GAZ lawsuit, it appears from the filing of arbitration cases.
GAZ is trying to recover from the German automaker more than 15 billion rubles of losses from the termination of the car assembly contract in Nizhny Novgorod.
The lawsuit was filed on March 14. The automobile plant of the GAZ group demanded to invalidate the termination of the agreement on the contract assembly of cars in Nizhny Novgorod. The plant is also seeking to recover 15.6 billion rubles in damages from Volkswagen.
On March 17, the court approved GAZ’s petition to seize shares in the Russian representative office of VW and in the legal entities controlled by it from the entire property of the German company in Russia, excluding cash.
In addition, at the request of GAZ, the court restricted any registration actions of the Russian subsidiary of VW and the legal entities that are under its control (we are talking about liquidation, reorganization, change in the composition of the participants, increase and decrease of the capital authorization).
- GAZ noted that in 2011 it entered into a contract assembly contract with Volkswagen and undertook the obligation to produce cars on the territory of its plant in Nizhny Novgorod. In 2017, the parties agreed that the agreement would be in effect until December 31, 2025.
- In March 2022, Volkswagen informed GAZ of its decision to suspend production in Russia and in August the contract assembly agreement was terminated. GAZ decided to challenge this and recover damages.
- According to GAZ, the Volkswagen Group intends to leave the Russian market in the near future and sell the remaining assets to third parties: in this case, recovery of damages in favor of the plaintiff will be impossible, so the group demanded to arrest the assets.
Author:
anastasia mariana
Source: RB
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