Metro itself asked Russian authorities for temporary management – Le Monde
Metro’s Russian assets were placed under temporary management at the request of the German group itself, Le Monde French newspaper reported on 7 October, citing an unnamed Russian source.
Metro apparently decided to act pre-emptively in order to avoid the worst-case scenario, the French newspaper noted.
"The German company itself asked the Kremlin to place it under a 'temporary management' regime in the hope of retaining more control over its fate," the source told the paper (as quoted by RBC).
The source noted that this was a risky move. But, he said, "there is always the possibility of an amicable settlement – selling the business on more favourable terms". The only thing that remains unclear, he added, is what steps the Kremlin will demand in return.
Metro's Russian press office did not comment on the report.
At the end of September, the assets of Metro Cash & Carry (including Metro Cash & Carry LLC and Metro Warehouse Noginsk LLC) were placed under the external interim management of the Torg RUS Management Company, whose sole founder, according to the Unified State Register of Legal Entities, is Johannes Tholey, Metro's chief executive in Russia. Metro's Russian press office explained at the time that the decision was needed to ensure the safety of employees and infrastructure and the continuity of business processes. The company is classed as critical infrastructure that underpins the stability of supplies and the operation of retail, it said, assuring that it continues to operate as normal.
Russian President Vladimir Putin speaking at the plenary session of the Valdai forum on 1 October, explained the introduction of external management at foreign companies as the creation of conditions in which Russia could respond in kind in the event of nationalisation or the "plunder of our companies". He stressed that Russia "is not taking anything from anyone, is not stealing and is not nationalising anything". Dmitry Peskov, the president's press secretary, has said that external management is a reversible process, but that the Russian side does not yet see any preconditions for reversal.
Related news
13.10.26