Russian court freezes bank accounts of IKEA


Krasninsky Court of Smolensk region arrested 9.3 billion rubles (approx. $140 million – RRT) on bank accounts of the Russian branch of IKEA.

“The court has decided to seize funds on the accounts of “IKEA Mos (Retail and Property)”, opened in credit institutions, up to the amount of the claim: 9 billion 345 million 369 577 rubles 50 kopecks,” the judge decided.

The arrest was imposed at the request of a former partner of the company, Konstantin Ponomarev, who is trying to recover the funds from the “IKEA Mos”, and a certain Alexei Tanko. The cause of litigation between IKEA and the businessman, which continues since 2009, was the conflict over the rental of generators for hypermarkets of the furniture company in St. Petersburg.

Ponomarev accused the company of not paying their rent since July 2008. In 2010, the parties signed a settlement agreement whereby IKEA paid the businessman 25 billion rubles (nearly $800 million at that time – RRT). Nevertheless, in August 2016 he filed a new lawsuit against the Swedish corporation. Later, Krasninsky Court recovered 500 million rubles (approx. $7.8 million – RRT) from the company.