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
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
