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Chapter 5 - Piercing the Corporate Veil - Enforcing Foreign Arbitral Awards Against Russian Entities

Author(s): 
Kaj I. Hobér
Page Count: 
10 pages
Published: 
November, 2013
Jurisdictions: 
Russia
Practice Areas: 
Enforcement of Arbitral Awards
Tags: 
Piercing the Corporate Veil
Author Detail: 

Kaj Hobér is a Partner at Mannheimer Swartling in Stockholm and Professor of East European Law at Uppsala University.

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As  Section  IV  above  makes  dear,  the  assets  of  a  FTO  available  for  execution  are  very limited.  In  practice  this  would  seem  to  be  the  situation  with  respect  to  FTOs  that  have  been transformed into joint stock companies, as well as with respect to other legal entities engaged in foreign trade. This is why some Western creditors have tried to execute on the property of other state entities, or on the property of the state itself. Even though the legal status under Soviet civil law of a FTO made it appear rather independent of the state and the government, the administrative-legal status of a FTO changed the picture considerably: administrative superiors created the FTO, appointed its management, and planned and supervised all its commercial activities. As discussed in Section IT above, the Council of Ministers created, merged, divided, and  liquidated  FTOs  on  the  recommendation  of  the  minister  of  foreign  trade;  and  property  was held, not with ownership rights, but rather on the basis of operative management.I 
Table of Contents: 
Chapter 5   Piercing the Corporate Veil (A) General (B) Major Legal Systems (1) The United States (2) The United Kingdom (3) Germany (4) France (5) Switzerland