The building materials manufacturer Knauf wants to completely withdraw from the Russian market. The Franconian family group confirmed its planned exit on Monday in Iphofen: “In light of current developments, the Knauf Group has decided to separate from its business there in Russia after more than 30 years.”
It is “the company’s desire to transfer the entire business in Russia, including raw material extraction, production and sales, to local management in order to preserve the jobs of more than 4,000 employees in the future,” the company said. The planned transaction is subject to approval by the relevant authorities in Russia. The group did not give reasons for terminating its Russian business. “Business Insider” had previously reported on it.
15.4 billion euros in sales
The family group, which was one of the largest building materials manufacturers in the world with sales of around 15.4 billion euros in 2022, recently came under criticism again because of its business in Russia. A report by the ARD magazine “Monitor” had suggested that Knauf was helping to rebuild the Russian-occupied Ukrainian city of Mariupol and was not complying with sanctions.
Reporters discovered the name Knauf on plaster bags in Mariupol. The company then emphasized that it would no longer deliver goods to Russia since February 2022 and would no longer export anything from Russia. Knauf also does not deliver any building materials to Mariupol from the EU.
The company operates a factory near Kiev and 14 production facilities with 4,000 employees in Russia. In a statement on the ARD report it was said that Knauf condemns the war of aggression against Ukraine and is following all sanctions of the EU, Great Britain and the USA against Russia.
“We strongly reject the accusation of not doing this.” The family company produces building materials, but is not involved in construction projects as a builder or investor. “Knauf does not have any direct supply contracts with consumers or processors of Knauf products in Russia. Our products reach end customers there through many different dealers who are independent of Knauf. We have no influence on how and where end customers use our products.”
The company, which is wholly owned by the Knauf family, is represented in over 90 countries and, according to its own information, operates more than 300 plants with around 40,000 employees on all five continents.
#Building #materials #manufacturer #Knauf #withdrawing #Russia
2024-04-22 23:47:51
Building materials manufacturer Knauf is withdrawing from Russia
Legal Fallout: SEC Attorneys Step Down Following Judge’s Criticism in DEBT Box Crypto Lawsuit
SEC Lawyers Resign Amid Crypto Case Controversy
Recently, two legal professionals at the Securities and Exchange Commission made the decision to resign following a federal judge’s sanction and strong criticism of the Wall Street regulatory body for what was described as a “gross abuse” of authority in a cryptocurrency-related case.
Michael Welsh and Joseph Watkins chose to step down from their positions this month after being informed by an SEC official that they would face termination if they chose to remain with the organization. These individuals were the primary legal representatives in a legal battle against Digital Licensing Inc., a cryptocurrency platform commonly referred to as DEBT Box.
Repercussions of the Controversy
The resignation of the two SEC lawyers comes in the wake of a significant controversy surrounding the handling of the case involving DEBT Box. The federal judge’s sanction and criticism shed light on what was perceived as an overreach of power by the SEC in the realm of cryptocurrency regulation.
Furthermore, this incident has raised questions about the regulatory approach taken by the SEC in cases involving emerging technologies such as cryptocurrencies. The resignation of Welsh and Watkins serves as a stark reminder of the challenges and complexities faced by regulatory bodies in adapting to the rapidly evolving landscape of digital assets.
Implications for the Cryptocurrency Industry
The fallout from this controversy extends beyond the SEC and has broader implications for the cryptocurrency industry as a whole. The scrutiny faced by regulatory bodies in cases like the one involving DEBT Box underscores the need for clear guidelines and oversight in the ever-expanding crypto market.
As the industry continues to mature, incidents like this serve as a reminder of the importance of transparency, accountability, and ethical conduct in navigating the complexities of cryptocurrency regulation.
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Legal Fallout: SEC Attorneys Step Down Following Judge’s Criticism in DEBT Box Crypto Lawsuit
Introducing Korea’s Fastest Train: KTX-Cheongryong Test Drive Event
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A train enters the KTX-Cheongryong test drive event held at Seoul Station on the 22nd.
The KTX-Cheongryong test drive event was held on the 22nd.
KTX-Cheongryong is a next-generation power distribution high-speed train and is the fastest train in Korea. The vehicle’s design speed is 352 km/h, operating speed is 320 km/h, and it is planned to run between Seoul and Busan in at least 2 hours and 17 minutes, and between Yongsan and Gwangju Songjeong in at least 1 hour. and 36 minutes.
The total number of seats is 515, and the transportation efficiency is 35% higher than KTX-Ieum and KTX-Sancheon and 26% improved compared to KTX-Sancheon II.
Starting with its first operation on May 1, KTX-Cheongryong will operate twice on the Gyeongbu High Speed Line and twice on the Honam High Speed Line during weekdays, and operate on the Gyeongbu High Speed Line four times on weekends using a system implement a double chain that connects the two units.
Starting with the operation of two units in May, an additional 17 units are due to be delivered from 2027.
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A train is stopped at a KTX-Cheongryong test drive event held at Seoul Station on the 22nd.
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A family takes a commemorative photo at the KTX-Cheongryong test drive event held at Seoul Station on the 22nd.
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A national test drive group takes the train at the KTX-Cheongryong test drive event held at Seoul Station on the 22nd.
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The national train-going test drive team takes a commemorative photo at the KTX-Cheongryong test drive event held at Seoul Station on the 22nd.
저작권자 ⓒ 서울경제, 무단 전재 및 재배포 금지 >
#fastest #train #country.. #KTXCheongryong
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Introducing Korea’s Fastest Train: KTX-Cheongryong Test Drive Event