OREANDA-NEWS. August 27, 2014. “Sogra” Fishing Company acquired 100% share of the authorized capital of “Magadanflot-2” without preliminary approval by the Government Commission for control over foreign investments in the Russian Federation.

On 18th August 2014, the Federal Antimonopoly Service (FAS Russia) fined “Sogra” Fishing Company” CJSC 500,000 RUB for failure to submit a petition provided for by the law of the Russian Federation on foreign investments (No.57-FZ), and, as a consequence, for completing a transaction without pre-approval.

“The Federal Antimonopoly Service is the authorized body for control over foreign investments in the Russian Federation. Failure to submit petitions to FAS as required by the law on foreign investments, or submitting them with knowingly false information or in breach of the procedure and the deadline for filing petitions constitutes a violation. Legal entities can be fined from 500,000 RUB to 1 million RUB, while transactions completed without pre-approvals are recognized void”, commented the Head of FAS Department for Control over Foreign Investments, Armen Khanyan.

“Sogra” Fishing Company filed a petition to FAS under the Federal Law “On Protection of Competition” (No.135-FZ). FAS did not receive any petitions under No.57-FZ. If a transaction requires pre-approval in accordance with No.57-FZ, FAS can make a decision guided by the Federal Law “On Protection of Competition” only after the transaction is approved under No.57-FZ.

FAS fined “Sogra” Fishing Company half a million RUB for committing the administrative violation.