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Russian Supreme Court cancels $8,5m penalty for IKEA

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Russian Supreme Court cancels $8,5m penalty for IKEA

The Supreme Court of Russia canceled penalty imposed upon IKEA group of companies amounting to over 507 million rubles ($8,5 million) in favor of a businessman Konstantin Ponomaryov, a witness in the case of the head of Hermitage Fund, William Browder, RIA Novosti reports.


Konstantin Ponomaryov and IKEA have been engaged in years-long legal proceeding due to rent of generators for hypermarkets of St Petersburg's furniture company.

The case was remitted for a new investigation in Zimkinsky Court of the Moscow region.
In their turn, IKEA's lawyers announced that they applied to the court to block withdrawal of attached 507 million rubles. The company believes that the funds could be withdrawn to offshore.

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