Appeal Court Dismissed Claim of Bank Soft Systems
OREANDA-NEWS. June 20, 2012. The 9th Arbitration Appeal Court dismissed the claim of “Bank Soft Systems” Ltd. to invalidate the judgment of Moscow Arbitration Court of 9th April 2012 to deprive “Bank Soft Systems” Ltd. of the right to vote at general meetings of participants of “Laboratory for Testing Informational Support Tools and Systems” Ltd. (“LISSI” Ltd.), reported the press-centre of FAS Russia.
“LISSI” Ltd. is involved in technical maintenance of encrypting (cryptographic) tools and in data encryption and is considered an economic entity of strategic importance.
Earlier FAS pronounced that “Bank Soft Systems” Ltd., the only participant of which is “SATTERFIELD MANAGEMENT LTD.” (of the United Kingdom of Great Britain and Northern Ireland), had established control over “LISSI” Ltd., which is a company of of strategic importance, without relevant approval procedures.
1. 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, organizations under control of foreign investors are also recognized as foreign investors, particularly, organizations formed in the Russian Federation.
2. Under Article 15 of No.57-FZ Federal Law, if a transaction with regard to a strategic entity is completed without taking into consideration the norms of this Law, upon a lawsuit lodged by the authorized body a Court shall make a decision on depriving a foreign investor or a group of persons of the right to vote at general meetings of shareholders (participants) of an economic entity of strategic importance.