On June 19, 2014 the LEAD Consulting Law Firm and AVANTALION International Consulting (www.avantalion.de ) hosted the Factoring in Russia international seminar in Moscow.
The focus of the event was to discuss factoring business models for auto finance. To now, factoring has not been very well understood in the context of the current Russian laws and regulations. The seminar featured presentations from the LEAD Consulting partner Alexander Linnikov, Fabrizio Zucca – founder of Strategia&Sviluppo consulting group from Milan, Alexei Kuznetsov – partner of the tax practice of the Ernst&Young Moscow office, and Frank Hener – Chief Operational Officer of MC Factoring Rus, a subsidiary of the Mitsubishi Corporation.
The participants were highly interested in the legal complexity of factoring and its relatively recent introduction in Russia. More specifically, the subsidiary banks of the major international automobile manufacturers that promote the sales of automobiles of certain brands wanted to know whether factoring was a viable option. Participants of the seminar agreed that there are significant gaps in the legal discipline of factoring and many operational, tax, and financial challenges that need to be resolved.
The seminar was attended by the top executives of the Russian financial subsidiaries and captive banks of some of the leading automobile manufacturers of the world, including Ford, Hyundai, Mitsubishi, Mercedes-Benz, PSA,Toyota, Volkswagen, as well as members of the Ernst&Young tax and automotive finance practice groups. The event culminated in the friendly atmosphere of a networking dinner reception.
LEAD Consulting Law Firm thanks all the guests and presenters for their participation in the seminar and with gratitude acknowledges the contribution of the AVANTALION International Consulting partners Bijan Khashabian and Bruce Pon to the organization of the event.
