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Presence of principal foreign shareholder risky for Russia’s X5 — Ministry

The Dutch X5 Retail Group N. V. is the direct member of the Russian X5 with the participation interest above 50% in the charter capital

MOSCOW, March 29. /TASS/. Presence of a major foreign shareholder in the Russian retailer X5, which is the Netherlands-based X5 Retail Group N. V., carriers risks for the Russian company, Deputy Minister of Industry and Trade Viktor Evtukhov told TASS.

"The Dutch X5 Retail Group N. V. is the direct member of the Russian X5 with the participation interest above 50% in the charter capital. This circumstance creates risks of inflicting damage to the Russian unit of X5, Russia and its citizens," Evtukhov said.

The Russian Ministry of Industry and Trade notified that it had applied to the Arbitration Court of the Moscow Region to suspend corporate rights of the company in respect of its Russian subsidiary Corporate Center X5, X5 Retail Group N. V. said earlier on Friday.