OREANDA-NEWS. May 29, 2014. The Arbitration Court of the Astrakhan Region supported the claim of the Federal Antimonopoly Service (FAS Russia) to invalidate transactions by foreign investors with regard to “Astrakhan Port” OJSC.

Under No. 57-FZ Federal Law “On the Procedures for Foreign Investors in Business Entities of Strategic Importance for the National Defence and State Security”, transactions that result in establishing control over Russian strategic companies are subject to preliminary approval by the Government Commission for Control over Foreign Investors in the Russian Federation and must file a petition to FAS Russia.

In 2011, “Khazar Sea Shipping Lines”, “South Way Shipping Agency” of Iran and “Azores Shipping Company L.L.FZE” of Arab Emirates acquired without preliminary approval shares of “Astrakhan Port” OJSC that is of strategic importance for the national defence and state security.

The transactions were aimed at establishing control over the strategic company. To a considerable extent it was exercised through concerted actions.

Having found out about it in the course of an inspection, in 2012 FAS filed a claim to the Arbitration Court of the Astrakhan Region.

“During two years judicial proceedings were suspended on a regular basis. The companies were deliberately buying time, not submitting the necessary documents to the Court. In spite of it we were able to prove our rightness”, commented the Head of FAS Department for Control over Foreign Investors, Armen Khanyan.