17 February 2011
Russian President Dmitry Medvedev, who declared war on corruption as a major priority, intends to tighten punishment for bribes. To this end he submitted amendments to the Criminal Code and the Code of Administrative Offences to the State Duma on Wednesday with the intention to multiply fines and prison terms for commercial bribery and for receiving and giving bribes.
15 February 2011
The London Stock Exchange has stopped trade in depositary notes of housing developer PIK Group on the orders of the British Financial Services Authority, and trading will not resume until the whereabouts is established of 8.6 percent of the group's shares frozen at the request of Nomos Bank.
1 February 2011
Out of 280 shopping centers in Moscow, only 78 meet all the requirements for a modern shopping mall. Considering the shortage of quality areas and no new facilities being commissioned in the capital city, the owners of older shopping centers will be forced to redevelop their commercial facilities, or at least create new concepts for them. The main criteria for success of shopping centers today are not limited to their owner's competent marketing policy; these are also a clear concept, strong positioning, as well as accountability and responsibility to the tenants.
1 January 2011
The Russian Government has introduced a radical new privatization program to invigorate the country’s economy. Although foreign investment is clearly an objective, the protection of property interests held by foreigners remains a concern for lawyers in Moscow.
25 November 2010
Volatility of the Russian market - which saw its gross domestic product (GDP)contract by as much as 7.9% in 2009 but spring back to a growth of 5.4% this year – has seen it become both adversary and temptress for the law firms practicing in the market.
16 November 2010
Russia now has virtually no speculative projects in the segment of refrigerated warehouses. They are typically expensive to build, there are fewer chances to lease them, while they beget many specific requirements. Experts say this segment of warehouses will come back to the market as soon as the market stabilizes.
1 October 2010
One of the recent actions of Russia's Government to support the housing program was to make VneshEconomBank issue a 40-billion-ruble credit for the Agency for Housing Mortgage Lending. According to the Stimulus Program, 2 million sq m of economy class residential real estate will be built. The program mainly targets projects in Russia's regions, as well as some projects near Moscow.
25 August 2010
Reckitt Beckinser, the listed British consumer goods producer, has filed an application to Russian antitrust regulator FAS to acquire the Russian subsidiary of SSL, according to an FAS spokesperson.
20 August 2010
Vimpelcom's acquisition of Orascom Telecom Holdings and Wind Telecomunicazioni would require specific regulatory approvals in certain countries, lawyers told this news service.
20 May 2010
A Russian law firm said Anatoly Karpov, former world chess champion, nomination as a candidate for World Chess Federation (FIDE) president is illegal.
14 May 2010
Kremlin-drafted legislation aimed against Russian-style corporate raiders — unscrupulous businesspeople who seize property through dubious registrations and share emissions — will come up for a first reading in the State Duma. But the legislation, which introduces harsh penalties for raiders, might also backfire and hurt rightful shareholders because of deep-rooted corruption, legal experts said.
7 May 2010
State Duma deputies have introduced a bill that would fight circular ownership structures by depriving a company's subsidiaries of voting rights and dividends from owning shares in the parent firm, although experts said the proposals went too far. The amendments limiting the use of cross holdings were submitted by four Duma committee chairmen from United Russia. When subsidiaries buy the parent company's shares, managers are able to control the firm to shareholders' detriment and the company becomes less transparent, the deputies wrote in explanatory notes to the bill. There are also risks of conflicts of interests, Viktor Pleskachevsky, a co-author of the bill and chairman of the Property Committee said.
30 March 2010
Despite challenging economic and political conditions, Moscow law firms said they have not only stuck to their investment plans during the crisis but also intend to expand further in the near future.
2 March 2010
The Federal Anti-Monopoly Service on Monday accused several Russian and foreign companies of flouting the law for investing in strategic industries and said it would retaliate in court for the first time since the rules took effect almost two years ago.
1 February 2010
Immediately after Gazprom bought out international companies' stakes in Sakhalin-2, the state received a privileged share in Sakhalin Energy, which paid a $1.35 billion dividend.