On July 11, 2024, the Russian President signed a decree[1] transferring two subsidiaries of Austrian packaging manufacturer Silgan Holdings located in Russia – Silgan Metal Packaging Stupino LLC (Moscow Region) and Silgan Metal Packaging Enem LLC (Republic of Adygea) – to the temporary management of Rosimushchestvo. According to the accounting statements, these companies incurred losses in the period 2022-2023.
This decision was made in view of the “actual inactivity and non-participation in the operating activities of the enterprises” of the “unfriendly” owner, which resulted in the suspension of production activities. The purpose of the transfer of assets to Rosimushchestvo is to “restore and stabilize the production activities of the companies, preserve jobs and accumulated competencies in packaging production”.
According to the information of the executive bodies of the Republic of Adygea, the activity of these companies is “an integral part of the regional chains of cooperation for the production of food products, their preservation and subsequent sale in the food market of the corresponding regions of the Russian Federation”. In this connection, the possibility of involving in the management of the enterprises JSC Corporation for the Development of the Republic of Adygea, a one hundred percent stake in which belongs to the Republic of Adygea, is being considered.
Thus, at present, shares and stakes in 32 companies previously owned by “unfriendly” foreigners have been transferred to the temporary management of Rosimushchestvo. This process started in April 2023 with the introduction of external management over the Russian assets of the largest European investors in the electric power industry - German Uniper and Finnish Fortum.
[1] Decree of the President of the Russian Federation of 11.07.2024 No. 590 “On Amendments to the list of movable and immovable property, securities, shares in authorized (share) capitals of Russian legal entities and property rights in respect of which temporary management is introduced, approved by Decree of the President of the Russian Federation of April 25, 2023 No. 302”.
This decision was made in view of the “actual inactivity and non-participation in the operating activities of the enterprises” of the “unfriendly” owner, which resulted in the suspension of production activities. The purpose of the transfer of assets to Rosimushchestvo is to “restore and stabilize the production activities of the companies, preserve jobs and accumulated competencies in packaging production”.
According to the information of the executive bodies of the Republic of Adygea, the activity of these companies is “an integral part of the regional chains of cooperation for the production of food products, their preservation and subsequent sale in the food market of the corresponding regions of the Russian Federation”. In this connection, the possibility of involving in the management of the enterprises JSC Corporation for the Development of the Republic of Adygea, a one hundred percent stake in which belongs to the Republic of Adygea, is being considered.
Thus, at present, shares and stakes in 32 companies previously owned by “unfriendly” foreigners have been transferred to the temporary management of Rosimushchestvo. This process started in April 2023 with the introduction of external management over the Russian assets of the largest European investors in the electric power industry - German Uniper and Finnish Fortum.
[1] Decree of the President of the Russian Federation of 11.07.2024 No. 590 “On Amendments to the list of movable and immovable property, securities, shares in authorized (share) capitals of Russian legal entities and property rights in respect of which temporary management is introduced, approved by Decree of the President of the Russian Federation of April 25, 2023 No. 302”.