Court turns down request for Volkswagen Russian assets arrest

NIZHNY NOVGOROD, Apr 13 (PRIME) -- The Nizhny Novgorod Arbitration Court has turned down a request by the Gorkovsky Automobile Plant of GAZ Group to arrest 15.5 billion rubles of Volkswagen’s property on its premises, according to the court documents seen by PRIME on Thursday.

The property was arrested on March 17, but arrest was lifted on April 4.

"There have been no significant changes in circumstances since cancellation of the interim measures… On the basis of the above, the court determined to refuse to satisfy the plaintiff's application for the application of interim measures,” the document read.

The GAZ Group demanded to void cancellation of an assembly contract in Nizhny Novgorod and to seize property of Volkswagen aktiengesellschaft, holding stakes in several companies, and several real estate units of Volkswagen Group Rus.

(82.0934 rubles – U.S. $1)

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