Austrian manager Siegfried Wolf is apparently about to take over the Russian operations of German automotive and industrial supplier Schaeffler. The only thing the entrepreneur still lacks is Russian approval – it is likely that the deal has called the anti-corruption authorities in Ukraine to the scene. Wolf spokesman Josef Kalina confirmed buying interest on Friday, but did not comment on a potential deal.
As the “Spiegel” writes, the transfer of the company’s shares at the factory in Ulyanovsk, Russia, to Wolf has already begun. According to the construction, the shares should first go to the Russian company PromAvtoKonsalt and then be transferred to Wolf, who is a member of Schaeffler’s supervisory board.
Among other things, the production facility should support the production of a transporter model that will be used by the Russian military for its logistics.
Explosive business relationship
According to the report, the deal was also targeted by Ukraine’s anti-corruption agency NAZK over alleged ties to Russian oligarch Oleg Deripaska, who allegedly has close business ties to Wolf. Sanctions have recently been imposed on Deripaska by the US and the European Union. Until recently, the businessman was also a major shareholder in the Austrian construction group Strabag.
Wolf: No business with sanctioned individuals
When asked, Kalina emphasized that Wolf deeply condemns the Russian war in Ukraine and has therefore stopped his activities in Russia. In addition, he does not do business with people affected by international sanctions. The investor also pays attention to this when purchasing the Schaeffler factory. Kalina left the contract rumored by “Spiegel” without comment.
Kalina also rejected the statement that war equipment was produced at the Russian factory. It is a vehicle used only in agriculture. According to the spokesman, it was unthinkable for Wolf to participate in arms deals.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
