No kidding: failure to submit information means fines
On 6 September 2016, Moscow Arbitration Court 2016 confirmed legitimacy of a determination issued by the Federal Antimonopoly Service (FAS Russia) to fine “Korsakov Commercial Seaport” JSC (“KMTP”) 500,000 for failure to submit information.
Exercising its function on control over foreign investments in the Russian Federation, FAS requested “KMTP” JSC to provide the necessary information. The company, however, failed to submit the enquired documents and data within the designated period. As a result, in accord with the law, FAS imposed an administrative fine – 500,000 RUB.
“KMTP” JSC filed a lawsuit challenging the FAS decision but to no avail: Moscow Arbitration Court dismissed the claim.