The FAS has developed a bill providing for the withdrawal of shares of strategic enterprises from foreigners

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AK&M 21 January 2022 16:20

The Federal Antimonopoly Agency has prepared draft amendments to the law on foreign investments. This is stated in the message of the FAS.

The draft law concerns only cases of violation of the law when unscrupulous foreign investors illegally acquired the property of a strategic company or a share in it. The amendments affect only societies of strategic importance for the defense and security of the state (defense industry enterprises, subsoil, ports, extraction (catch) of aquatic biological resources and others), the service emphasizes.

The possibility of applying the mechanism of transfer of shares/shares/corporate rights/property in favor of the state already exists in the law on foreign investments. The FAS with this bill details the legislation in accordance with the law enforcement practice of the department, the report says.

Thus, according to the current law on foreign investments, if the transaction is void, the court applies the consequences of its invalidity in accordance with the Civil Code of the Russian Federation. The court may recover to the State's income everything received by such transactions by the parties who acted intentionally.

The FAS has identified cases of the impossibility of applying such a provision. The first case of the impossibility of returning shares (property) are situations when sellers (foreign investors) have ceased their activities under the transaction. The second such case is considered to be the return of shares (property) to the seller that does not meet the interests of national and economic security, the service reports.