Lawyers advised that a merger with Wildberries could increase Russ’ creditworthiness in the bank’s view.
Vedomosti was informed by Vladislav Bakalchuk, who owns 1% of Wildberries LLC, that VTB Bank had removed the restriction on the Russ Group’s owners’ share.
The shares in Stinn LLC, one of the principal legal entities of the Russ Group (the biggest outdoor advertising operator), which is owned by Grigory Sadoyan (50%) and Reserve-A LLC (30%) and Olimpia JSC (20%), were pledged to VTB, according to data from the Unified State Register of Legal Entities. However, on October 1, 2024, the encumbrance was removed. A VTB official chose not to respond.
The ongoing business dispute has halted not only the online retail development project in St. Petersburg but also roughly 30 other projects in Belarus and Russia that VB Development was involved in. According to the company’s calculations, a 15 billion ruble debt must be paid off before development can resume on all locations. However, Wildberries is unable to start the construction on its own because the creator owns the rights to every item.
VB Development plans to show journalists the halted development and discuss its issues on Wednesday, October 16. The press tour is anticipated to be quiet. According to the corporation, the shop recently installed its own security to the site, which is currently being guarded in tandem with the customer.
Recall that Tatyana Kim, the marketplace’s head, stated in August that the site would be put into service in October.
“But there’s no doubt that the facility won’t be finished by October. Furthermore, it is currently unknown when it will be finished. They say at “VB Development” that the job could have been finished in October if it had been done on time.
“The conflict can be resolved in a fairly straightforward manner. We are prepared to begin work tomorrow if Wildberries begins financing,” they stressed at “VB Development.”
The authorization for the WB warehouse’s construction in Shushary is good until December 2025, as “DP” stated.
“The facility is in the final stages of construction and is under the protection of Wildberries,” Wildberries said in a statement in response to “DP.”
ALSO READ:
