GAZ withdrew its lawsuit against Volkswagen for 15.6 billion rubles
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The Gorky Automobile Plant (GAZ) withdrew its lawsuit against the German automaker Volkswagen for 15.6 billion rubles, should from the files of arbitration cases.
The decision was made after the Arbitration Court of the Nizhny Novgorod Region approved a settlement agreement on the termination of the contract for the contract assembly of cars at the GAZ site in Nizhny Novgorod on July 20. The details of the case were not disclosed.
On March 17, the Arbitration Court of the Nizhny Novgorod Region arrested the property of Volkswagen AG in Russia at the suit of the GAZ group to recover 15.6 billion rubles from the German automaker. The lawsuit was filed due to the early termination of the agreement between the parties on the contract assembly of German vehicles at the group’s site in Nizhny Novgorod. This agreement was terminated in August 2022 – three years ahead of schedule – due to the entry into force of US Treasury sanctions against the Russian company.
On April 3, the court lifted the arrest on objects of real and movable property of Volkswagen Group Rus (FGR, the Russian structure of Volkswagen AG). A week later GAZ filed a new lawsuit against Volkswagen – already for 28.4 billion rubles. But even in this case, the court refused to take interim measures, including seizure of property. May 5 GAZ filed the third lawsuit against Volkswagen in the amount of 15.575 billion rubles.
On May 19, the Volkswagen press service reported that the company sold its stake in Volkswagen Group Rus to the Russian legal entity LLC Art-Finance, which owns the dealer “Avilon“. The latter also received the Volkswagen Components and Services, Scania Insurance, Scania Finance, and Scania Leasing companies owned by Volkswagen. The deal was closed 22nd of May.
The interlocutors of Vedomosti, who are familiar with the course of the process, tied up a lawsuit by GAZ with the intention to stop the process of selling the Kaluga site to Volkswagen. According to two of them, in addition to Avilon and AFK, the Austrian businessman Siegfried Wolf, who in 2010-2020 could also claim the asset. Headed the Board of Directors of the GAZ Group.
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