Tengelmann boss expects expropriation of Obi in Russia

The Obi parent company Tengelmann expects that after Obi's withdrawal from Russia, the business there will have to be completely written off. This was said by company boss Christian Haub in an interview with the German business magazine "Manager Magazin".

However, the decision to leave the country was without an alternative: "There is no going back," Christian Haub is quoted as saying. "For moral reasons, I simply could not imagine continuing to do business in Russia and thus indirectly financially supporting the regime there," says Haub, justifying Obi's withdrawal from Russia after the country's invasion of Ukraine. He is firmly convinced, he says, that there will be expropriation.