SUPREME COURT FORWARDED CASE ON SELLING “PERM PORT” TO A FOREIGN INVESTOR FOR RECONSIDERATION

16-04-2019 | 08:55

Thus, allowing a FAS claim

 

In 2017, FAS filed a lawsuit to invalidate several transactions executed in 2011 – 2015. In FAS opinion, they resulted in unlawful control of a foreign investor over “Perm Port” JSC that is of strategic importance for national defence and state security.

 

The transactions, as a result of which the foreign investor establishes control over the Russian strategic company [1], are subject to preliminary approval by the Government Commission on Foreign Investments in the Russian Federation.

 

“Evidence available to FAS shows that the foreign investor – a UK national –established control over “Port Perm” JSC as a result of several consecutive deals via persons controlled by the investor. These data formed the grounds for FAS filing a lawsuit to invalidate the transactions and apply the consequences of void transactions. It means that all transactions executed during the period of unlawful control also must be invalidated”, commented Head of FAS Department for Control over Foreign Investments, Olesya Milchakova.

 

Earlier the Court of First Instance, the Appeal Court and the Cassation Court dismissed the FAS claim.

 

On 9 April 2019, however, the Judicial Collegium on Economic Disputes of the Supreme Court of the Russian Federation agreed with the FAS position and forwarded the case for substantive reconsideration to Perm Regional Arbitration Court.

 

“The ruling of the Supreme Court helps protect national defence and state security in the course of foreign investments in Russian strategic companies.  When foreign investment are attracted to Russian economy, equal rights should be ensured to bona fide investors with absolute compliance with the norms of the current law”, emphasized Deputy Head of FAS Andrey Tsyganov.

 

[1] Under No.57-FZ Federal Law



Site Map

News & Events Press Releases Media Releases Image Library About the FAS Russia What We Do General Information Mission, Goals, Values Priority Setting Institutional Memory Stakeholders Engagement Center for Education and Methodics Our History Our Structure Powers of Head and Deputy Heads Our Ratings GCR Using our website International Cooperation Treaties & Agreements International Working Groups Working Group on Research of Competition Issues in the Market of International Telecommunications (Roaming) Meetings Working Group for Studying Competition Problems in the Pharmaceutical Sector Concept Note Meetings OECD Competition Committee OECD meetings 2013 OECD meetings 2014 OECD meetings 2015 OECD meetings 2016 OECD meetings 2017 OECD meetings 2018 FAS Annual Reports OECD-GVH RCC RCC Newsletter ICAP Council on Advertising Headquarters for Joint Investigations UNCTAD 13th session IGE UNCTAD Resolution Russian contributions 14th session IGE UNCTAD Resolution Russian contributions 15th session IGE UNCTAD 16th session IGE UNCTAD 17th session IGE UNCTAD EEU Model Law on Competition ICN BRICS WG (Markets of Social Importance) EU APEC Competition Policy and Law Group Annual meetings Projects ERRA Full Members Organizational Structure Archive Working Group on Investigating Issues on Pricing in the Oil and Oil Product Markets and Methods of their Functioning Meetings Document Library Legislation Reports & Analytics Cases & decisions Contacts Give feedback Contact us Links Authorities Worldwide