Corruption authorities alerted
Schaeffler is apparently separating from the Russian business
03/10/2023 11:01 am
According to a report, around a year after the start of the Ukraine war, the automotive and industrial supplier Schaeffler is selling its Russian business to the Austrian company Wolf. This also calls the Ukrainian anti-corruption authority on the scene.
According to a media report, the Russian business of the Herzogenaurach-based automotive and industrial supplier Schaeffler is to go to the Austrian entrepreneur Siegfried Wolf. The “Spiegel” reported that the contract was signed in December, Russian approvals are still pending. According to the construct, the shares should first go to the Russian company PromAvtoKonsalt and then be passed on to Wolf, who sits on the Schaeffler supervisory board.
In mid-January, PromAvtoKonsalt managing director Roman Vovk asked Russian President Vladimir Putin’s economic adviser for permission to do the business. He advertised that Schaeffler parts could be used in vehicles from the GAZ Group, including models used by the military to transport troops and heavy equipment. Schaeffler confirmed to “Spiegel” that a contract had been signed with PromAvtoKonsalt. The company has not yet been reached for comment.
According to the “Spiegel”, the business also calls the Ukrainian anti-corruption authority on the scene. According to “Spiegel”, Wolf is close to the Russian oligarch Oleg Deripaska, against whom the United States and the European Union have imposed sanctions. Wolf and Deripaska did not comment on the sale of the Schaeffler business to the magazine.