November 21, 2009
Ikea swindled out of 1.5 billion in Russia
Published: 20 Jun 09 10:30 CET
Online: http://www.thelocal.se/20172/20090620/
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Ikea has been swindled out of 1.5 billion kronor ($189 million) in Russia, company founder Ingvar Kamprad revealed on Sommar, a show on Sveriges Radio P1.
- EU expresses Russia human rights concerns (18 Nov 09)
- Sweden hopes gas talks don't turn poisonous at EU-Russia summit (16 Nov 09)
- Social Democrats slam Nord Stream approval (6 Nov 09)
Ikea currently has eleven stores in Russia.
Kamprad also revealed that during a recent board meeting he had put forth the idea of establishing an Ikea location in Iran, but this was set aside due to opposition by other board members.
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Your comments about this article:
its 1.5 billion kr not dollars , hauhr , maybe learn to read
The numbers are for Swedish currency. US currency is for US only. They use different currencies in diferent countries.
Also as we are in Europe, maybe the local would consider curency equivalent in Euros as it is our nearest large currency.
Some details about what actually happened would be nice.
Its a dodgy place now under Putins corrupt regime.
Lots of companies have been trying to pull out as fast as possible with what assets they can for the last year or so.
There is little faith or trust in what he might do next.
It might be wise for I.K.not to haggle over it or he could end up losing out on more than his electric bills.
They also rule the streets in most of the ex Soviet Block countries in addition to having a Worldwide influence.
They are bad news wherever they go,making a fortune out of various rackets and that suits Putin.
However there are signs that he may be killing the goose that lays the golden egg as ppl.come to fully recognise him for what he is.
The $189m hit is not a threat to the financial health of IKEA as a whole, or probably even to IKEAs Russian operations where they have a very sizeable sourcing operation.
If they have their day in court then either the reputation of IKEA management or the reputation of Russia as an attractive place to invest will take a hit.
No doubt more companies will be taking note of which way the wind is blowing in Russia, as some already have.
Did read a report that Kamprad was softening up in his old age and was thinking of giving funds from his own "charity" to real charity.
Just hope this setback doesnt change his mind.
By the way, what is ahppening to articles on this site? Are we going for the shortest with minimum information jounalistic prize or something?
Ingvar really thinks he's going to get a fair trial in Moscow huh? I suspect his attorney's retainer will correspond with the value he places on his life on this blue earth.
who knows what his 'charities' will eventually get up to ... but don't hold your breath for real charity anytime soon!