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


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.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

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.

© White & Case LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.