GAZ withdrew the lawsuit against Volkswagen for 15.6 billion rubles. – Kommersant
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GAZ Group withdrew its lawsuit against Volkswagen (VW) for the recovery of 15.6 billion rubles. for compensation for damages from the departure of the German automaker from the Gorky Automobile Plant in Nizhny Novgorod, follows from the case file on site files of arbitration cases. In July, the Arbitration Court of the Nizhny Novgorod Region approved settlement agreement between companies. Its details are not disclosed.
GAZ Group filed lawsuit against VW in March this year. The Russian company demanded to pay 15.6 billion rubles to it. and cancel the termination of the agreement on the contract assembly of Skoda and VW at GAZ.
By a court decision, all Volkswagen property in Russia was arrested. However, on April 3, the Arbitration Court of the Nizhny Novgorod Region partially granted the petition of Volkswagen Group Rus (a subsidiary of Volkswagen AG) and canceled seizure of real estate objects of the concern.
July 27 confirmed the sale of assets in the Russian Federation to the Russian Art-Finance for €125 million. The deal was completed on May 18th. Art-Finance transferred a 100% stake in Volkswagen Group Rus LLC, as well as four companies controlled by VW: Volkswagen Components and Services LLC, Scania Leasing LLC, Scania Finance LLC and Scania Insurance LLC.
Since November 2007, Volkswagen has been producing cars in the Kaluga region. In 2011, Volkswagen Group Rus and GAZ Group entered into an agreement on contract assembly of Volkswagen and Skoda vehicles at a plant in Nizhny Novgorod. In March 2022, the company stopped production at both sites.
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