Prosus gives up $403 million stake in Russia's VK social network

[Jan]

Naspers-owned Prosus gives up R7 billion investment for nothing

Prosus NV gave up its stake in Russia’s largest social network for nothing, walking away from a company run by an executive under US sanctions.

VK sold the shares acquired from the Dutch e-commerce company to its management team at market price in a deal valued at 24.8 billion rubles ($403 million), VK said in a statement Thursday.

 

[rvZA]

Ja... probably faced US and EU sanctions themselves.

 

[system32]

Stupid move.
Aren't we part of BRICS?

 

[Fulcrum29]

Stupid move.
Aren't we part of BRICS?

Why is the move stupid, and where does Prosus NV conduct their business?

 

[rvZA]

Stupid move.
Aren't we part of BRICS?

The sanctions they faced would have closed them down in any event. Not a bank in the world, not even here in SA would have dealt with them, part of BRICS or not.

 

[RonSwanson]

Aren't we part of BRICS?

Prosus NV is a Dutch company, so they need to comply with EU sanctions.

SA's BRICS membership is as useful as wings on a hippopotamus.