OREANDA-NEWS. July 27, 2012. Astrakhan Regional Arbitration Court granted interlocutory injunctions on a claim of the Federal Antimonopoly Service (FAS Russia) regarding the following foreign companies - “KHAZAR SEA SHIPPING LINES” (the Islamic Republic of Iran), “South Way Shipping Agency” (the Islamic Republic of Iran) and “AZORES SHIPPING COMPANY L.L.FZE” (the United Arab Emirates) to invalidate transactions for purchasing shares of “Astrakhan Port” OJSC, reported the press-centre of FAS Russia

The interlocutory injunctions prohibit “Astrakhan Port” OJSC and its management bodies (general directors and members of the boards of directors) to make decisions on the items on the agenda of a general shareholders’ meeting of “Astrakhan Port” OJSC, scheduled on 20th July 2012. “Astrakhan Port” OJSC and its management bodies are prohibited to remove monetary funds, meant for dividend payment, to accounts of “Astrakhan Port” OJSC or other companies in foreign banks, as well as undertake other actions and measures aimed at withdrawing funds from “Astrakhan Port” OJSC until the judicial act on the FAS claim comes into force.

Earlier FAS filed a claim on invalidating transactions of foreign companies with regard to “Astrakhan Port” OJSC, which is of strategic importance, as the transitions were completed in breach of the current legislation on foreign investments.

1. Under Clause 3 of No.510 decree of the Government of the Russian Federation “On the Government Commission on Control over Foreign Investments” of 6th July 2008 the Federal Antimonopoly Service is the federal executive body authorized to execute functions to control foreign investments in the Russian Federation.

2. Under No.57-FZ Federal Law “On the Procedures for Foreign Investments in Economic Entities of Strategic Importance for National Defence and State Security” of 29th April 2008, transactions that lead to establishing control of a foreign investor or a group of persons over economic entities of strategic defence can be completed given decisions on preliminary approval of such transactions under No.57-FZ Federal Law, registered by the federal executive body authorized to execute functions to control foreign investments in the Russian Federation.

3. Under Article 15 of No.57-FZ Federal Law, if a transaction regarding a strategic company is completed without notice of No.57-FZ Federal Law, a Court, upon a claim of the authorized body, shall make a decision to dispossess a foreign investor or a group of persons of the voting rights at general shareholders’ (participants’) meeting of a company of strategic importance.