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Commercial court upholds unlawfulness of offshore firms’ control over Red October plant

11:28 01/08/2019

MOSCOW, August 1 (RAPSI) – A Russian commercial court has upheld a decision of the Federal Antimonopoly Service (FAS) declaring unlawful the purchase of the controlling interest in the Volgograd Red October Steel Works by offshore companies.

Earlier, FAS established that offshore firms Red October International S.A. и Segoa Ventures Ltd purchased the controlling interest in Red October bypassing relevant legislation and without prior approval of the deal by the Government Commission on Monitoring Foreign Investment in the Russian Federation needed in the case of an enterprise of strategic importance for the national economy.

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Commercial court upholds unlawfulness of offshore firms’ control over Red October plant

11:28 01/08/2019 A Russian commercial court has upheld a decision of the Federal Antimonopoly Service (FAS) declaring unlawful the purchase of the controlling interest in the Volgograd Red October Steel Works by offshore companies.
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