Nevsky Shipbuilding and Ship Repair Plant (Nevsky CVD)

History

2024: Russian court takes away rights to Nevsky GCC from Finnish Arctech Helsinki Shipyard

The Arbitration Court of the Moscow Region decided to suspend the corporate rights of the Finnish company Arctech Helsinki Shipyard OY to the Nevsky Shipbuilding and Ship Repair Plant (Nevsky CVD), which is part of the United Shipbuilding Corporation (USC). This decision was made at the request of the Ministry of Industry and Trade of Russia. The hearing took place on September 12, 2024, and, according to the case file, the ministry's claim was satisfied in full.

According to RIA Novosti, the process took place behind closed doors, which was due to the special conditions for regulating corporate relations in economically significant organizations (EZOs), among which the Nevsky CVD was ranked in June 2024. In accordance with the law, EZOs have the right not to disclose certain information, which has become the basis for closed consideration of the case. USC, as a third party in the case, initiated a petition to close the hearings, referring to the law "On the specifics of regulating corporate relations in business companies that are economically significant organizations."

source = Nevsky CVD

According to the Unified State Register of Legal Entities (USRUL), at the time of the trial, 49.99% of the shares of the Nevsky Shipbuilding and Ship Repair Plant belonged to Arctech Helsinki Shipyard OY, and the remaining 50.01% were owned by the plant itself. In connection with the decision to suspend the corporate rights of the Finnish company, it loses the opportunity to participate in the management of the enterprise, manage its share, vote at meetings and receive dividends.

The law on economically significant organizations, which entered into force in September 2023, allows Russian companies to suspend the corporate rights of foreign participants through the court, especially from countries that are included in the list of unfriendly states. These measures are aimed at protecting Russian companies from the consequences of sanctions and at transferring the ownership of foreigners to the control of Russian jurisdictions.^[1]

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