Be the first to like this
On 26 March 2013 the Supreme Commercial Court of the Russian Federation set a judicial precedent concerning owners of offshore companies.
According to the new standing adopted by the Supreme Commercial Court of the Russian Federation, the non-public nature of share ownership in an offshore company complicates the process of proving that property acquisition or other proceedings were conducted in bad faith due to the existence of special rules on information disclosure about offshore beneficiaries in the foreign legal system. Hence, the burden of finding evidence that protects an off-shore company’s transactions with third parties or proving the lack thereof lies with the offshore company. The Court believes that it must be proven by disclosing information on the company’s end beneficiary.