Volvo assets in Russia came under the control of businessman Igor Kim – Kommersant
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The truck production plant in Kaluga and a number of other structures of the Volvo auto concern in Russia came under the operational control of businessman Igor Kim, as follows from the Unified State Register of Legal Entities. The Ministry of Industry and Trade confirmed the transfer of Volvo assets to a Russian investor.
According to the Unified State Register of Legal Entities, on September 6, Alexey Sannikov became the general director of the Volvo Trucks plant (JSC Stokov Machinery Equipment). Mr. Sannikov is the first deputy chairman of the board of Expobank, owned by Igor Kim, and also a partner of the businessman. The Volvo Trucks plant is also owned by AB Volvo (75%) and Volvo Trucks Region CE Gmbh (25%).
The Ministry of Industry and Trade confirmed the transfer of assets and outlined the vector for further development of the enterprises.
“The assets of the Volvo automaker in Russia were transferred to a Russian investor. The Ministry of Industry and Trade of Russia, together with the new owner, has also identified a domestic partner for the further development of production at the concern’s Kaluga site, work continues to restart it as soon as possible,” the department’s press service commented. Interfax.
The production capacity of the plant is 15 thousand trucks per year. However, since the beginning of the military conflict in Ukraine and the European sanctions imposed against Russia, the Volvo Trucks Kaluga plant has been idle.
According to the Unified State Register of Legal Entities, Nikita Ryauzov (another business partner of Igor Kim) headed the leasing company Volvo AB (Stokov Financial Services LLC). The organization specializes in financial leasing of power vehicles, trucks and buses from Volvo and Renault Trucks. Stokov Finance LLC, an enterprise controlled by the leasing company, also came under the leadership of Mr. Ryauzov. Stokov Finance LLC is still largely owned by the Swedish concern, in particular VFS International AB (99.88%) and Volvo Financial Services GmbH (0.11%). Nikita Ryauzov previously worked at Zenit and Otkritie banks and is a co-founder of the ExpoCapital fund, reports “Interfax“
The Russian businessman received direct control only in one of Volvo’s subsidiaries – Stokov Konstruktsiya LLC. The company is engaged in leasing, production and sales of special equipment. According to the Unified State Register of Legal Entities as of September 6, Aston Group LLC, controlled by Kim, owns the company by 99%. The remaining 1% belongs to a legal entity of the Kaluga Automobile Plant.
The Volvo automobile concern in its financial report for the second quarter of 2022 notes that in the first quarter of 2022 the company set aside a reserve for the impairment of its assets in Russia of 4.1 billion Swedish kronor (36.2 billion rubles). The automaker is also considering the possible write-off of Russian assets and, in connection with this, assesses possible financial losses.
Mr. Kim himself did not comment on the receipt of part of the Volvo auto concern.
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