The head of Fiat Chrysler’s financial services arm said on Friday the company would sell back $10 billion worth of its equity and stock to Russia.CEO Sergio Marchionne said the sale of the assets would be completed by the end of the year and would include the sale and management of the automotive manufacturing company’s banking unit, Fiat Chrysler, Financial Services.
The sale of Fiat’s shares in Russia would “not only help us to invest in Russia, but also help to grow our business,” Marchionn said in a statement to CNBC.
Marchionnes statement said he will also hold meetings with “all relevant stakeholders to work out the details” of the sale.
The announcement comes as the Trump administration, led by Attorney General Jeff Sessions, has been accused of using a federal investigation of Fiat-Chrysler sales to pressure the auto maker to hand over information about a massive sales scandal in the United States that has embroiled hundreds of executives and former employees.
Marchions statement said the new deal would be made with “a very strong view that this deal is in the best interest of Fiat and its shareholders.”
Marchionne has been a leading advocate for Russian President Vladimir Putin in his ongoing fight against corruption.
He recently said that he expects the U.S. to be a partner in the Russian economy, despite the U