Ikea swindled out of 1.5 billion in Russia

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.

“We were completely fooled when it came to electricity and gas deliveries. Something that is going to cost us more than 1.5 billion kronor. I know that this will become a legal matter,” he said, according to Sveriges Radios Ekoredaktion.

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.

Member comments

Become a Member to leave a comment.Or login here.