Metro AG responded to the transfer of Russian assets to temporary management

Metro AG assesses the consequences of transferring the Russian assets of the company under temporary management. This was reported by the press service of the company RBC.

"While Metro Russia formally retains ownership of Metro AG, the decree means that Metro itself no longer exercises operational control over the company," Metro said in a statement.

Since the beginning of the conflict in Ukraine, Metro has taken various measures to reduce ties with Russian businesses.

Metro (Metro AG) is a large German international company founded in 1964, which operates a network of small wholesale and wholesale stores in the cash & carry format.

Metro entered the Russian market in 2001 and is represented in Russia by 91 wholesale stores. About 9,000 employees work for Metro in Russia.

Today, on September 28, the President of Russia signed a decree according to which the assets of Metro Cash & Carry were transferred to the temporary management of JSC UK Trading RUS, the general director of which is Metro Russia Johannes Tolay Maria.

In particular, under the management of “UK Trading RUS” passes 100% of the shares in LLC “Metro Warhouse Noginsk”, previously owned by Metro Cash & Carry Russia B.V., 54.45% of the shares in LLC “Metro Cash & Kerry” owned by Metro Cash & Carry International Holding B.V., and the remaining 45.55% in the same company owned by Metro Cash & Carry Russia B.V.

Also, 90 and 10% of shares in Retail Property 5 LLC were transferred under temporary management. They were previously owned by Metro Retail Real Estate GmbH and Metro Properties Holding GmbH respectively.

Later, the press service of the Russian Metro reported that the company’s facilities belong to the facilities of critical infrastructure, which ensures the sustainability of supplies and the work of professional retail.

“The solution is related to the need to ensure the safety of employees, infrastructure and continuity of business processes. The company continues to operate normally, all operating processes remain unchanged. All obligations to suppliers, customers and employees are performed as usual, the statement said.

In 2023, the Ministry of Industry and Trade saw the risk of leaving the Russian market of French Auchan and Atac, as well as German Metro Cash & Carry, Globus and Selgros. At the same time, Tolay said that despite the pressure on the management of German Metro AG in Europe, the company continues to operate in Russia.

On September 17, the Russian “daughter” Auchan, LLC “Auchan”, and “Lemana PRO” were transferred to the temporary management of the company “L.E.V. Management”. In addition, the companies transferred 100% of the shares of Nestlé Russia LLC and FM Logistic to temporary management.

In April 2023, Putin signed a decree that allows the transfer to the temporary management of property associated with countries confiscating the property of Russia, Russians and Russian companies.

Under temporary management can get movable and immovable property, securities, shares in the authorized capital, property rights. The temporary manager exercises the powers of the owner of these assets, with the exception of the powers to dispose of property.

Since then, Russian assets of 27 foreign companies and groups have been transferred to temporary management. The transfer of Metro Cash & Carry assets was the 28th case.