Boxing federation chief unveiled as owner of nationalised Russian car dealership

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(Reuters) – A car dealership that was seized by the Russian state and subsequently nationalised said on Monday that Umar Kremlev, head of the International Boxing Association, had become its new owner.

President Vladimir Putin placed Rolf, Russia’s largest car dealership, under temporary state management in December 2023, a move the company’s founder Sergei Petrov described as a blow to Russia’s investment landscape.

Moscow has placed a number of foreign-owned assets under temporary management, including those owned by Danish brewer Carlsberg and Finnish utility company Forum, but the move against Rolf was the first time a high-profile Russian businessman had been relieved of his property in this way.

A court in February ordered that Petrov’s stake and income be handed over to the Russian state, effectively nationalising the company. A new management team was installed.

Rolf said in a statement that Kremlev had become the new owner of the dealership’s holding company. It said that all existing agreements and obligations would continue to be fulfilled.

Petrov could not immediately be reached for comment.

Petrov, who lives in Austria, is accused by Russian authorities of illegally moving money abroad, a charge he denies. Petrov owned Rolf through a Cyprus-based entity.

Rolf did not disclose any financial terms. In an interview with the Kommersant daily in June, Kremlev said he was interested in buying Rolf’s assets for cash at market value.

Rolf, was one of the first car dealerships to emerge after the collapse of the Soviet Union. It has not disclosed sales volumes for a few years, but its made 323.8 billion roubles ($3.63 billion) in revenue in 2023, according to Russian company filings.

($1 = 89.3000 roubles)