30 Jun 2022 11:27

Said Gutseriev leaves board of M.Video, deal to sell stake in final stage

MOSCOW. June 30 (Interfax) - Said Gutseriev has decided to step down from the board of directors of PJSC M.Video (M.Video-Eldorado Group) and has notified the company of this, Russia's leading consumer electronics retailer reported.

Gutseriev also "confirmed that the previously announced transaction for the sale of shares of PJSC M.Video, directly and/or indirectly owned by him, had reached the final stage," the company said.

M.Video-Eldorado announced at the end of April that Gutseriev had agreed to sell his shares in the company to Russian entrepreneurs in a deal that is expected to close this year. Gutseriev controls a 60.4% stake in the retailer.

The UK imposed blocking sanctions against Gutseriev on Wednesday. "M.Video-Eldorado Group is not included in the sanctions lists and continues its operations at a full scale," the company said.

Gutseriev also plans to sell his stake in PJSC SFI and leave the boards of this company and its subsidiaries, SFI reported on Wednesday.

In its rationale for imposing sanctions against Gutseriev, the UK authorities said that he controls SFI, a company that operates in the financial sector, which is strategically important for the Russian government. SFI said that, as a separate legal entity, it is not included in any sanctions list and is continuing full-scale operations.