Client Insight: SCC Resolution on offshore entities' disclosure of beneficial owners

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This alert examines a recent resolution of the Presidium of the Supreme Commercial Court of the Russian Federation (“SCC”) dated 26 March 2013 No. 14828/12 on case No. ?40-82045/11 (the “Resolution”). The Resolution addresses the important issues of disclosing information about an offshore company’s ultimate beneficial owners to the Russian courts and the legal effect of Russian court judgments on foreign companies affiliated with parties to those proceedings. These developments can be regarded as a further step in the integration of the concept of “piercing the corporate veil” into Russian law.

It is very common practice in Russia to hold assets through a foreign company incorporated in a jurisdiction whose laws do not permit third parties to access information about its beneficial owners. In view of this, the conclusions drawn in the Resolution could be of great importance for both Russian businessmen and representatives of foreign business interested in investing money in the Russian economy.

Please see full alert below for more information.

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Topics:  Corporate Veil, Disclosure Requirements, Material Nonpublic Information, Offshore Companies

Published In: Business Organization Updates, Civil Procedure Updates, Finance & Banking Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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