CANPACK’s Russian operations transferred to external administrators, funds already donated

Image source: CANPACK

Leading global manufacturer of sustainable packaging solutions, CANPACK Group, Inc., reported that its Russian operations have been placed under temporary external administration by presidential decree without giving prior notice or asking for consent and approval.

Following the decree, the long-serving general manager of CANPACK’s Russian business has been removed and replaced by a new appointee selected by the external administrators. The company added that all communication channels with its Russian operations have since been severed.

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CANPACK says it has come to know from Russian media that its money has been allegedly transferred by the external administrators to a charitable foundation that supports Russian government operations.

The company highlights that it has operated in Russia for more than 30 years, supplying packaging products to the local market and employing over 500 people. Throughout that period, CANPACK said it complied with applicable laws and remained committed to its workforce, customers, and ongoing operations in the country.

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CANPACK has called on the Russian authorities to ensure the safety of its employees and to safeguard and return its assets. The company said it is reviewing the legal, operational, and financial implications of the move and intends to take appropriate steps to protect its rights. Further updates will be issued as developments arise.