Russian President Vladimir Putin has placed the country’s largest car dealership, Rolf, under temporary state management, a move justified by the Kremlin as a strategic commercial decision.
However, the founder, Russian businessman Sergei Petrov, views it as a deterrent to potential investors, making the nation appear unattractive for investment.
Rolf, established by Petrov after the Soviet Union’s collapse, was seized in response to the freezing and disruption of Russian assets in the West due to sanctions.
This action, unprecedented for a prominent Russian business leader, follows similar takeovers of Western-owned assets, including those of Danish brewer Carlsberg and French dairy giant Danone.
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Petrov, residing in Austria, faces accusations from Russian authorities of illegally transferring money abroad, allegations he vehemently denies.
Kremlin spokesperson Dmitry Peskov insists the takeover is a response to economic considerations and compliance with Russian legislation amid the challenging international economic climate.
Rolf, initially a Russian company with offshore ownership elements, now operates under temporary management with Alexei Gulyaev appointed as CEO and Svetlana Vinogradova as the first deputy.
Rolf asserts that the temporary management will not disrupt its operations, and Russia’s federal property management agency, Rosimushchestvo, aims to enhance the company’s financial performance.
Petrov, critical of the move, perceives it as detrimental to Russia’s investment environment, expressing doubts about attracting investors, especially from Asia.
He suggests that the temporary management may serve as a guide for asset redistribution among specific structures vying for acquisitions.
“Temporary (management) means permanent,” Petrov remarks, anticipating external control.
He underscores the inefficiency of the state in retail matters, emphasizing the widespread impact of such actions.
Petrov was among a select group of Russian businessmen who, in 2014, criticized the strain on East-West relations following Russia’s annexation of Crimea.
In 2019, Russian investigators accused Rolf of buying shares at inflated prices, a charge Petrov links to his political views.
Recently, a former Rolf senior manager received an 8.5-year sentence for an alleged illegal fund transfer abroad, accompanied by an arrest warrant for Petrov.
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