The German subsidiary of the Kamux chain, which sells used cars, is taking legal action against its local sourcing partner.
Kamux says in its press release that the operator in question has received payments in March-June this year in exchange for cars it has not been able to deliver despite numerous complaints.
Kamux's German subsidiary is demanding from its purchasing partner about EUR 3.7 million, which it has paid in connection with car purchase agreements.
The recovery of the money depends on the outcome of the legal process.
Therefore, Kamux will record a provision of approximately EUR 3.9 million for June.
It notes that any losses and expenses are presented in the adjustment items and do not affect the company’s published outlook for this year.
Kamux also announces that its German country manager Aleksandar Amann will immediately leave the company.
According to the company, the departure has been agreed upon.
The company starts looking for a new CEO right away.
During the transition period, Marko Lehtonen, the company's CFO, will act as Acting Country Manager for Germany.
- We are looking for a person who, together with the team, is able to take Kamux's ambitious growth strategy in the German market forward with determination, CEO Juha Kalliokoski says in the press release.