“Loss of corporate control” encompasses various scenarios involving a person who controls a corporation ceasing to control its management bodies’ actions and decisions.
As of June 19, 2020, Russian arbitrazh (commercial) courts have exclusive jurisdiction to hear certain cases related to “anti-Russian” sanctions. Affected legal entities and individuals may also apply for anti-suit injunctions in an attempt to prevent counterparties from pursuing claims abroad. Recent cases show that these new entitlements are not as favorable as once thought.
Since the Russian Federation’s annexation of Crimea in 2014, the peninsula in the Black Sea has been a minefield of conflicting international claims and interests, putting lawyers trying to work there, boxed in by the threat of sanctions from the West and counterveiling pressure from Moscow, in an untenable position.
Several important trends have appeared on the Russian legal market since 2014, the first year of EU/US sanctions and Russian countersanctions: 1) the growth in the market share of domestic law firms; 2) the in-sourcing of a large amount of legal work inside corporate legal departments; 3) the entrance of nonconventional players (such as banks and mobile operators) into the legal services market; and 4) the increased focus of lawyers on IT solutions and efficiency.
Liniya Prava was lead counsel to ITI Capital, co-arranger along with Sovcombank, EDB, Freedom Finance, and Univer Capital, on SKCN Finance’s RUB 2.5 billion debut bond issue. The ultimate borrower was Samruk-Kazyna Construction, a Kazakh operator of state programs in residential and commercial real estate that is wholly-owned by state-owned Samruk-Kazyna National Welfare Fund JSC. The Lecap law firm reportedly advised ITI Capital on an element of the issuance as well.