25-07-2019 | 14:03
At a general meeting of a strategic subsoil user
At the suit of the antimonopoly body of 15 July 2019, Moscow Arbitration Court deprived “Drilling Innovations M.E. Ltd.” of voting rights at a general meeting of “Oxet” Ltd., which under No.57-FZ Federal Law1 is a company of strategic importance for national defence and state security.
FAS received a petition from the foreign investor in accord with the Law “On Protection of Competition” 2. Considering the petition, the antimonopoly authority informed that pre-approval of the transaction intended by the foreign investor is necessary in accord to the procedures specified in No.57-FZ Federal Law.
The foreign investor ended up completing the transaction without an approval granted in line with the Law “On Protection of Competition” and No.57-FZ Federal Law. At the same time, transactions completed in breach of the legal norms3, are void.
FAS4 filed a suit to deprive the foreign investor of voting rights at a general meeting of the strategic company, which Court fully allowed.
1 No.57-FZ Federal Law “On the procedure of foreign investments in economic entities of strategic importance for national defence and state security” of 29.04.2008
2 No. 135-FZ Federal Law “On Protection of Competition” of 26.07.2006
3 Under Part 1 Article 15 of No.57-FZ Federal Law, transactions listed in Article 7 of No.57-FZ Federal Law and completed in breach of the norms of No.57-FZ Federal Law are void.
4 Under Part 2 Article 15 of No.57-FZ Federal Law
via en.fas.gov.ru http://en.fas.gov.ru
July 25, 2019 at 01:00PM