Russia Moving to Forcibly Redomicile Supermarket Operator X5

Russia has started proceedings to redomicile X5 Retail Group, which may become the first company forced to move after the government included it into a list of so-called “economically significant” companies.

The Russian ministry of industry and trade notified Amsterdam-based X5 Retail Group N.V.of an application to the Moscow Arbitration Court to suspend the company’s corporate rights in relation to its Russian subsidiary, LLC Corporate Center X5, according to a statement.

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If successful, the claim would result in the suspension of the company’s shareholder rights for ...