Clean Break: the company completely halting Russian engagements or exiting Russia
Leave WithdrawalCrayon is a global, people-first, vendor-agnostic company headquartered in Oslo, with more than 4,000 colleagues in 46 countries.
Clean Break: the company completely halting Russian engagements or exiting Russia
Leave WithdrawalImmediately following the signing of the sale-purchase agreement in December 2022, Crayon transferred its beneficial and economic interest in Crayon Russia to the purchasers. Consequently, Crayon no longer derives any economic benefit from Crayon Russia, and management of Crayon Russia has been changed, removing all of Crayon’s representatives. While Crayon still holds legal title to 80% of Crayon Russia, it is no longer involved in its management. Legal title to the shares in Crayon Russia is expected to be transferred immediately upon receiving the Governmental Commission’s consent (expected to be granted by the end of June 2024). As a publicly traded company, Crayon disclosed the aforementioned sale and purchase agreement in its 2022 Annual Report (https://www.crayon.com/globalassets/global/investor-relations/reports-and-presentations/2022-presentations/annual-report-2022.pdf). Information about the transaction can be found on pages 16, 17 and 51 of the report.
Crayon stated in April, 2022 that the company was preparing to withdraw from the market in Russia, but formally the company is still the owner of a legal entity under the Crayon brand in Russia (LLC "CRAYON", tax id 9717087315). Crayon sold 80% of Crayon Russia’s (currently named “Crayon” LLC) shares to local management in December 2022, with the transaction currently being at the final step before the completion of the transaction, awaiting the consent of the Russian Governmental Commission, as mandated by Russian law enacted following Russia’s full-scale invasion of Ukraine. Due to the immediate sale of its economic interest in Crayon Russia, Crayon deconsolidated its former Russian subsidiary from its consolidated financial statements for 2023. These financial statements, audited by KPMG AS, do not include Crayon Russia as a subsidiary (see page 49 of the Annual Report 2023 at https://www.crayon.com/globalassets/global/investor-relations/share-information/march-2024/reports-21.-march/annual-report-2023.pdf, and pages 62-64 of the auditor’s report).
| December 15, 2023 | Website in Russia |
| December 15, 2023 | LLC "CRAYON" - Moscow - CRAYON LLC - General Director Yun V. A. - INN 9717087315 |
| August 25, 2023 | The Crayon company and the Galaktika corporation have agreed to cooperate in the field of import substitution |
| March 28, 2023 | Annual Report 2022 of Crayon Group Holding ASA |
| April 26, 2022 | Crayon ceases all its business operations in Russia |
| April 26, 2022 | Crayon to cease operations in Russia |
| Crayon Group AS in Russia |