Putin Critic Warns Kremlin Will Seize More Assets to Punish Foes [BNN Bloomberg (Canada)]
PORSCHE AUTOMBL UNSP/ADR (POAHY)
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Source: BNN Bloomberg
Putin signed the decree in December transferring ownership of Rolf, Russia's largest car dealership, from a Cyprus-registered entity controlled by Petrov's family to the state property agency Rosimushchestvo for temporary management. Soon after, armed officers raided the firm's headquarters to make sure the appointment of a new board went seamlessly, according to Petrov. “It's a kleptocracy,” Petrov said in an interview at his home in Austria, where he has resided permanently since at 2016. “There are no laws, only the selective application of justice.” During Putin's two-and-a-half decade rule, Russia has sought to build state-owned champions and at times used the criminal justice system to hand assets to Kremlin allies. That has accelerated after Russia invaded Ukraine, which caused a rupture in relations with the West and increased pressure on private businesses to publicly support the war. Petrov's family held Rolf via Delance Ltd., which was vulnerable to laws that allow P
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