The Moscow Arbitration Court has initiated local bankruptcy proceedings against German automobile manufacturer Volkswagen, SİA reports.
The decision stipulates that all VW assets remaining in Russia will be included in the bankruptcy estate.
The case stems from a debt of 17 billion rubles owed to the NAZ plant after an agreement on the assembly of Skoda and VW cars was not reached. The claim was later transferred to the company Kameya, which acquired the rights for 120 million rubles.
Volkswagen representatives argued in court that the procedure was unfounded since the company’s operations in Russia had already been transferred to new owners under Volkswagen Group Rus. However, the court rejected these arguments, ruling that real estate, intellectual property, and other assets would be auctioned to cover the debt.
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