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RIGHT OF ACTION TO CHALLENGE TRANSACTIONS THAT RESULT IN FOREIGN INVESTORS GAINING CONTROL OVER BUSINESS ENTITIES OF STRATEGIC IMPORTANCE

CIVIL PROCEDURE ON COMMENT


D.A. FEDYAEV

D.A. FEDYAEV,
Candidate of Legal Sciences, Associate Professor,
Department of Business Law, Civil and Arbitration Procedure,
Faculty of Law, Perm State University

In the Russian Federation, as in a number of other economically developed countries, there
are legal restrictions on the admission of foreign investors to participate in commercial
corporate organizations of strategic importance for national defence and state security.
Failure by foreign investors to comply with this mechanism leads to the nullity of transactions
and, as a consequence, to legal disputes, the subject of which are mainly restitution claims.
There have been numerous problems and academic debates in recent court practice
regarding the reasons and the possibility of satisfying such claims. In particular, in view
of the changed circumstances after the conclusion of the contested transaction, the real
public interest is not always visible pursued by the claim for application of consequences of
its invalidity. The author proposes that in the course of judicial proceedings in such cases,
when the defendant raises the relevant reasoned objections, not only to state the fact of
violation of the law by a foreign investor, but also to reveal the public interest defended by
the foreign investor. The author proposes that, in such cases, the defendant’s arguments
should not be limited to stating that the foreign investor has breached the law. If one is
not established, a claim may be dismissed under certain conditions, taking into account
established doctrinal approaches to the understanding of the right of action.

Keywords: arbitration procedure; strategic business entities; right of action; public interest.

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Information about the author

D.A. Fedyaev (Perm, Russia) – Candidate of Legal Sciences, Associate Professor,
Department of Business Law, Civil and Arbitration Procedure, Faculty of Law, Perm
State University (3 Genkelia St., Perm, 614068, Russia; e-mail: fedyaev@perm.ru).

Recommended citation

Fedyaev D.A. Pravo na isk pri osparivanii sdelok, vlekushchikh ustanovlenie kontrolia
inostrannykh investorov nad khoziaistvennymi obshchestvami, imeiushchimi strategicheskoe
znachenie [Right of Action to Challenge Transactions That Result in Foreign
Investors Gaining Control over Business Entities of Strategic Importance]. Vestnik grazhdanskogo
protsessa – Herald of Civil Procedure, 2021, vol. 11, no. 4, pp. 112–138. (In
Russ.) https://doi.org/10.24031/2226-0781-2021-11-4-112-138

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