Court arrests Volkswagen's assets in Russia in 16 bln GAZ case

NIZHNY NOVGOROD, Mar 20 (PRIME) -- The Nizhny Novgorod Region Arbitration Court has arrested assets of Volkswagen in Russia under a 15.5 billion ruble claim by GAZ Group, according to the court materials seen by PRIME on Monday.

GAZ Group demanded voiding cancellation of an assembly contract in Nizhny Novgorod and arresting property of Volkswagen aktiengesellschaft, holding stakes in several companies, and several real estate units of Volkswagen Group Rus. Tthe arrest demand was satisfied.

According to the claim, GAZ Group expected that Volkswagen Group would leave the Russian market soon by selling all assets to third parties, which is why grounds for the arrest arose.

(76.6044 rubles – U.S. $1)

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