Metro Mayor Dan Norris has said "Voi has some very tough calls to ponder" amid links to Russian oligarchs ahead of his meeting with the company's CEO. The pair will meet in Bristol to hear what the Voi boss "has to say about how Voi intends to deal with its existing links with Russian investors", Mr Norris said.
Russian businessman Ilya Yushaev was identified as a major stakeholder in the e-scooter company by Voi itself in a blog post on their website on March 18. Yushaev has a 2.9 per cent stake in Voi through business development company PTC, which has recently circulated in the media by Swedish newspaper Dagens Industri.
A spokesperson for Voi has told BristolLive information on investors, steps taken and their position on this matter was made public by our CEO, Fredrik Hjelm, in an open letter published on their blog. They said this was shared with all local partners in the West of England.
Also read: Voi's e-scooter trial at risk because of Russia links
Voi's CEO Fredrik Hjelm penned a letter to the public released on March 18 to explain the company's two current shareholders linked to Russia who together own around 4 per cent of the company. Russian businessman Alexander Eliseev was announced on March 11 to own about £10.8m worth of shares in Voi according to Bristol 24/7, equating to around 1.2 per cent ownership. He is a major shareholder and chairman of Globaltruck, a shipping firm that is partly owned by the Russian state, reports say.
Mr Hjelm's open letter states both Eliseev and Yushvaev were asked to "temporarily transfer their voting rights" to the CEO to ensure "neither investor has any influence, nor has sought to have any, in the company’s decision making". The company has ceased all operations in Russia and Belarus to show its support for Ukraine.
He added: "[The Russian investors] understand the complexity in the situation and want to do what is best for Voi and our mission, in relation to these shareholdings."
Read more: Voi boss to meet Dan Norris after firm's Russian links put e-scooter trial at risk
Mr Norris said he would be meeting the Voi boss after he threatened to ban the company from operating in the area unless it severs ties to Russia. When BristolLive reached out to Labour mayor Mr Norris for comment, he confirmed the meeting with Mr Hjelm will take place in Bristol on Monday (April 11) to discuss the issue. Mr Norris said: “Voi has some very tough calls to ponder but it is vital it makes the right decisions on this.
“I asked the Chief Executive of Voi to see me face-to-face in Bristol and he is kindly coming from Sweden on Monday. This will be a candid and frank exchange. My position on Russian Voi shareholder Mr Eliseev remains resolute and clear." The pair will meet on Monday to outline how the CEO will "deal with its existing links" to investors in Russia.
He continued: "I look forward with great interest to meeting Voi CEO Fredrik Hjelm on Monday and hearing what he has to say about how Voi intends to deal with its existing links with Russian investors and its position on the latest media allegations. I know the people of the West of England feel strongly about doing business with individuals and companies with links to the murderous Russian regime. Voi must understand this and show by its actions, as well as its words, that it does.”
Also see: Fatal Alabama Rot case confirmed in Bristol
A spokesperson for Voi said: "As mentioned in the open letter made public, it’s important to highlight the following: To ensure consistency with our aims and values as a company, Voi conducts background checks on all our investors before agreeing on terms with them, and none of these individuals were under sanctions when Voi accepted their investment and currently, none are under sanctions.
"We are, of course, monitoring the sanctions list, both in the EU and the UK and we will always abide by any laws or sanctions that are in place." In his blog post, Mr Hjelm said he had personally asked their investors and other partners to stand up for the same values as Voi is standing up for, against the Russian invasion of Ukraine. "Otherwise, they can’t be partners to Voi eventually," the post read.
Voi has been named as one of the numerous companies in the UK and across the globe that have received investment from people with Russian roots. The company maintains it has been transparent about these two links after releasing public statements through its website from its CEO on March 18.
More top stories: Concerns raised over plans to build student flats on busy road
While Mr Norris has previously said the Russian links to Voi could jeopardise the trial, last week it was announced the e-scooter trial will be expanded to the rest of Bristol. Councillors have been told between 500 and 900 more e-scooters will be put on the roads of Bristol to cope with increased demand from the extra areas.
To keep up to date with latest Bristol politics news, and discuss thoughts with other residents, join our Bristol politics news and discussion here. You can also sign up to our brand new politics newsletter here.
