Voi CEO faces questions in Bristol over links with Russia

The CEO of Voi has said he cannot simply sever ties with shareholders who have alleged links to the Russian state but is in negotiations to part ways.

Fredrik Hjelm faced questions in Bristol on Monday, a month after metro mayor Dan Norris threatened to pull the plug on the city’s e-scooter trial because of the connections with businessmen Aleksander Eliseev and Ilya Yushaev.

The founder of Voi said that he would rather not have investment from anyone with links to Russia and was unequivocal in his support for Ukraine, detailing what the company has done to cease business activities in Russia since Putin waged war.

But Hjelm said he also has to abide by corporate law and stakeholder rights so cannot just take shares away and instead has to attempt to negotiate a price.

In the meantime, the voting rights of Eliseev and Yushaev – who own 3.9 per cent of shares in the Swedish company between them – have been transferred to Voi’s CEO.

Russian businessman Alexander Eliseev owns about £10.8m worth of shares in Voi. He is a major shareholder and chairman of shipping firm Globaltruck, which is partly owned by the Russian state through the wealth fund RDIF.

Swedish newspaper Di reports that Eliseev has business links with Alexei Mordashov, an oligarch who has been sanctioned by the EU over the invasion.

Hjelm joined Norris at a press conference in Bristol on Monday to face questions about Voi’s links to Russia, a situation the metro mayor said he finds “deeply worrying”.

The CEO of Voi said the two shareholders are not – and have never been – on a sanction list and confirmed they are the only investors in the company with Russian links.

“We wouldn’t take investment from any investor with Russian connections now, so we are trying to sort it out in a way that’s good for the company and respecting corporate law and shareholders,” said Hjelm, adding that he couldn’t “rewrite history”.

“We only want shareholders, partners and businesses who align with Voi’s values otherwise they can’t be shareholders,” continued the company founder.

He said Eliseev and Yushaev, who bought shares in the company prior to the war in Ukraine, have been collaborative in conversations but that it is currently “complicated” agreeing a price an investor would be willing to pay for shares.

Asked if he would rather not have them as shareholders, Hjelm said: “It’s two things here. One: Yes, given the sensitivities in the world today, of course, we would rather not have investors with Russian connections.

“But, two: If you ask me will we respect shareholder rights and corporate law, yes.”

He added: “Based on what we know and the analysis we have done with various parties, they are not in line to get on any sanctions list. When a person or entity gets on the sanctions list, different laws apply.”

Voi CEO Fredrik Hjelm faced questions from journalists in Bristol

Hjelm said the two shareholders have denounced the actions of Putin and the Russian state to him but he was unable to say if they have publicly come out against the war in Ukraine, explaining there are sensitivities because of fears for family members still in Russia.

If things were to change and either of the two shareholders end up on the sanctions list, different laws would apply so it might then be possible to sever ties.

Norris said he has had some “difficult conversations” with Hjelm and expressed his concern about reports coming through.

“I’m not happy about these people being shareholders in Voi and I want to see that severed,” stated Norris.

“I worry about is the list to be sanctioned is quite a high bar at the moment but that could change and they could end up being sanctioned.

“I have impressed upon Fredrik how serious I think this is and he says he shares that view so I have to go and let him do all he can.”

The metro mayor continued: “These two shareholders, it is alleged and in some instances shown, have links with the Russian government and the Putin regime and I want to distance the West of England from that as much as is reasonably possible.

“My personal view is the sooner they leave the better. If it is not resolved by the end of the trial then I have been very clear with Fredrik that that will be very significant to me and will affect my judgement.

“I take my hat off to him for coming today, I think it’s a show of transparency and an attempt to be open and honest but I still have question marks personally about these two individuals.”

All photos: Ellie Pipe

Read more: Metro mayor threatens to stop Voi trial over Russia links 

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