Putin has confiscated Metro’s russian assets

This is reported by the russian media outlet The Bell.

JSC ‘UK Torg Rus’ has been appointed as the administrator. It has taken control of 100 per cent of METRO Cash & Carry LLC, through which the chain’s stores in russia operate, as well as 100 per cent of Metro Verkhaus Noginsk LLC and 100 per cent of Retail Property 5 LLC.

These shares are currently held by Dutch and German Metro entities: METRO Cash & Carry Russia B.V., Metro Cash & Carry International Holding B.V., METRO Retail Real Estate GmbH and METRO PROPERTIES Holding GmbH.

The company “UK Torg Rus” was registered on 8 September, three weeks before the decree, with a registered capital of 10,000 roubles.

The sole owner and chief executive of the company is Johannes Tolay, who has been at the helm of “METRO Cash & Carry” since 2023. Before joining Metro, he headed up the russian branches of “Auchan” and “Globus”.

In December, Tolay told the russian edition of Forbes that “the Germans have absolutely no desire to get rid of us”.

Metro remained in russia after 2022. In the last financial year, the group’s sales on the russian market rose by 6.7 per cent to 2.6 billion euros; the company employs around 10,000 people.

Source: The Bell, Economic Pravda