Russia Seeks Nationalization of Rolf, Largest Car Dealership, in Anti-Corruption Move
The Prosecutor General's Office of Russia has taken legal action to nationalize Rolf, the country's largest car dealership, according to a statement from St Petersburg's Moskovskiy District Court on Monday. The move comes just weeks after Moscow placed the car dealership under temporary state management.
The lawsuit, filed by prosecutors, seeks the seizure of all shares in Rolf and its affiliated companies, citing allegations of "property obtained in violation of anti-corruption legislation." Rolf is a major player in the Russian automotive industry.
Sergei Petrov, the Russian businessman who owns Rolf, has been a target of accusations by Russian authorities for allegedly illegally transferring money abroad. Petrov, who currently resides in Austria, has consistently denied these charges. At present, he has not responded to the latest developments, including the lawsuit.
In December 2023, Russian President Vladimir Putin took the unusual step of placing Rolf under temporary state management. The Kremlin justified this move, stating it was driven by "economic expediency and compliance with current legislation."
Sergei Petrov condemned the seizure in December, characterizing it as another blow to Russia's investment climate. He suggested that state management might have been ordered "in the interests of one of the structures now trying to buy up (assets)."
The court, as per the prosecutors' request, is now considering the nationalization of Rolf. Should the shares be fully seized, they would be handed over to the state, marking a significant development in the ongoing legal and economic saga surrounding Rolf and its owner.
The situation adds another layer of complexity to the broader narrative of Russia's business landscape, reflecting the intersection of legal, economic, and geopolitical factors. The outcome will likely have implications not only for Rolf and Sergei Petrov but also for the larger investment environment in Russia.
