OREANDA-NEWS. January 27, 2014. As the authorized body for control over foreign investments in the Russian Federation, the Federal Antimonopoly Service (FAS Russia) requested information from two Korean companies – “Sajo Daerim Corporation” and “Sajo Industries., Ltd” in order to consider the notifications filed under Article 14 of No. 57-FZ Federal Law “On the Procedures of Foreign Investments in the Business Entities of Strategic Importance for the National Defence and State Security”.

The Korean companies, however, failed to submit information within the designated period and did not petition to FAS to extend the period for submitting information. On 3rd December 2013, FAS fined each Korean company 500,000 RUB.

Under Part 3 Article 19.8.2 of the Code of the Russian Federation on Administrative Violations, failure to submit data (information) to the federal executive body authorized to control foreign investments in the Russian Federation provided for by the Law on foreign investments in the Russian Federation, particular, failure to submit data (information) upon a request of the authorized body, or knowingly providing incorrect data (information) to the authorized body is punishable by administrative fines upon legal entities from 500,000 RUB to 1 million RUB.

On 14th January 2014, “Sajo Daerim Corporation” and и”Sajo Industries., Ltd” paid 500,000 RUB each to the federal budget as fines.