Putin Seizes 3 Akzo Nobel Russian Units, Putting Them Under Temporary Administration
Updated
Updated · Bloomberg · Jul 13
Putin Seizes 3 Akzo Nobel Russian Units, Putting Them Under Temporary Administration
2 articles · Updated · Bloomberg · Jul 13
Summary
A Kremlin decree transferred stakes in three Russian companies owned by Akzo Nobel NV into temporary administration, extending Moscow's control over another Western firm's local assets.
AO Razvitiye Stroitelnykh Aktivov was appointed to manage the businesses, the same company previously chosen to oversee Russian assets of Denmark's Rockwool A/S.
The move targets the Dutch paints and coatings maker's Russian holdings and adds to the pattern of using temporary administration to reassign management of foreign-owned assets in Russia.