The Ministry of Industry and Trade challenged the rights of X5 Group to manage its Russian subsidiary – Kommersant
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The Ministry of Industry and Trade filed an application with the arbitration court regarding X5 Retail Group NV. The document refers to the suspension of the company’s corporate rights in relation to its Russian subsidiary. This was reported by press service retailer.
“The legal proceedings will not affect the company’s daily activities in Russia, and its enterprises continue to operate as usual,” X5 Retail Group said in a statement.
The company also reported that in connection with the statement of the Ministry of Industry and Trade, a decision was made to remove CEO Igor Shekhterman and company president Ekaterina Lobacheva from the X5 board. In addition, six members of the group’s board of directors left the board: Leonid Afendikov, Dmitry Alekseev, Alexey Korni, Yulia Solovyova, Azer Talibov and Vadim Zingman. All of them, including the CEO and President of X5, will continue to manage the subsidiary LLC Corporate Center X5.
Against the backdrop of news about the trial, X5 Retail Group NV receipts on the Moscow Exchange began to increase in price. As of 19:30 Moscow time, they are growing by 1.84%, to 2989 rubles. Their maximum during trading on March 29 reached 3,025 rubles.
The news is being updated.
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