Special Alert: The SCC Resolution on offshore entities' disclosure of beneficial owners


In a special alert circulated in April this year, we provided an overview of a ruling of the Supreme Commercial Court of the Russian Federation (“SCC”) dated 9 January 2013 No. 14828/12 on case No. A40-82045/11 (the “Ruling”) and its review by the SCC Presidium on 26 March 2013. On 26 July 2013, the full text of the SCC Presidium’s resolution on this case (the “Resolution”) was published on the SCC website. In this alert, we will inform you about the legal positions adopted by the SCC Presidium in relation to disputes involving offshore companies, which were previously proposed in the Ruling and have been mirrored in the Resolution.

Approach to cases involving offshore companies -

From the moment that the Resolution was published, the following may be deemed to be the established approach of the SCC:

- To prove that offshore companies are acting in good faith against third parties, such offshore companies must disclose information on their ultimate beneficial owners to the Russian courts

- Facts established in a judgment of a Russian court may, under certain circumstances, have a res judicata effect on offshore companies affiliated with a party to the relevant case...

Please see full alert below for more information.

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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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