Kremlin takes control of Auchan, Nestle and former Leroy Merlin assets
Read NV on Google
According to the document, the companies’ Russian assets are being placed under the temporary management of JSC L.E.V. Management. (Photo: REUTERS/Alexandre Meneghini)
Russian dictator Vladimir Putin signed a decree on Sept. 17
placing the assets of several major foreign companies operating in Russia under
temporary management, including Auchan, Nestle and an entity linked to the former
Leroy Merlin chain, Russian news agency Interfax reported, citing
Putin’s decree.
Under the decree, the companies’ Russian assets are being
placed under the temporary management of JSC L.E.V. Management. The same
company is also taking over management of the assets of FM Logistics and Bati
Logistics, as well as Le Monlid LLC, which is linked to the chain that
previously operated under the Leroy Merlin brand.
Formally, the measure imposes temporary management rather
than the permanent confiscation of ownership rights. However, the mechanism
effectively deprives the owners of the ability to independently control their
Russian assets.
L.E.V. Management, which has been given control of the
assets, was registered in Russia in October 2024. Its CEO is Andrey Krayushkin,
while information about the company’s ultimate owners has not been publicly
disclosed.
Nestle has operated in the Russian market since the 1990s
and has several production facilities there. Auchan also continued operating in
Russia after the start of the full-scale war against Ukraine.
Leroy Merlin previously transferred control of its Russian
business to local management, after which the chain was renamed Lemana PRO. It
continued operating in Russia under the new brand.
Russian authorities have repeatedly placed foreign
companies’ assets under so-called temporary management in recent years. Moscow
began making active use of the mechanism after Russia’s full-scale invasion of
Ukraine and the withdrawal of some Western businesses from the Russian market.
The military war may be swinging in our favor, but the information war continues.
Just as an army needs soldiers, so does a free society need its journalists to ensure that people have access to honest, trustworthy voices to understand the world around them.
For the past five years, The New Voice of Ukraine has been working tirelessly to push back against Russian narratives and defend democracy. But we cannot do it alone.
Please consider supporting us on Patreon for just $5 a month – your donation does directly to supporting journalists and ensuring that this front of the infowar says solid and defended.
Thank you.
Follow us on Twitter, Facebook and Google News
