Client Insight: SCC Resolution on offshore entities' disclosure of beneficial owners
This alert examines a recent resolution of the Presidium of the Supreme Commercial Court of the Russian Federation dated 26 March 2013 No. 14828/12 on case No. А40-82045/11.
The Resolution addresses the important issues of disclosing information about an offshore company’s ultimate beneficial owners to the Russian courts and the legal effect of Russian court judgments on foreign companies affiliated with parties to those proceedings. These developments can be regarded as a further step in the integration of the concept of "piercing the corporate veil" into Russian law.