The majority shareholder in Russian car maker – and Ford partner – Sollers reportedly has moved his holding back to Russia, becoming the first major businessman to respond to an asset repatriation drive launched by the Kremlin against a backdrop of western sanctions.
According to Reuters, citing Sollers, Vadim Shvetsov, who holds 53.8% of the firm’s equity, shifted his holding from Cyprus-incorporated Newdeal Investments to Moscow-based OJSC Erfiks.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Sollers, which has production ventures with Ford and Mazda Motor Corp, booked revenues of RUB61bn (US$1.7bn) last year, or about a third of the RUB177bn generated by Avtovaz, the report said.
Responding to western sanctions over Russia’s annexation of Crimea and a domestic economic downturn, president Vladimir Putin said last month that Russian companies should be registered at home with transparent ownership structures.
A Sollers spokesman declined to comment to Reuters on the reasons for the move by Shvetsov, who is not known as a particular ally of Putin.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
