Court partially lifts seizure from some Volkswagen assets

NIZHNY NOVGOROD, Apr 3 (PRIME) -- The Nizhny Novgorod Region Arbitration Court has partially lifted seizure of assets of Volkswagen in Russia under a 15.5 billion ruble claim by GAZ Group, a representative for the court told PRIME on Monday.

"Partial satisfaction. The restriction will be lifted on request from Volkswagen Group Rus," a statement by Judge Dmitry Okorokov read. According to the representative, seizure of unspecified real estate, equipment and other movable assets of Volkswagen Group Rus was lifted.

GAZ Group demanded to void cancellation of an assembly contract in Nizhny Novgorod and seizure of property of Volkswagen aktiengesellschaft, holding stakes in several companies, and several real estate units of Volkswagen Group Rus. The seizure claim was satisfied on March 20.

A Volkswagen spokesperson told PRIME then that the company was submitting a request to the Russian government for approval to sell the plant in Kaluga to a Russian investor, and while it was surprised by the GAZ Group's claim, it does not expect the litigations to lead to a delay in the sale.

Volkswagen suspended manufacturing in Russia in March 2022. Before, it assembled cars on the plant in Kaluga and on GAZ Group's premises in Nizhny Novgorod.

(77.3233 rubles – U.S. $1)

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