Corporate Raid Punishment Become More Severe

From July 5, 2010 the measures aimed to increase effectiveness of corporate raid opposition were introduced.  The RF Criminal Code was supplemented with articles establishing criminal liability for the falsification of the unified state register of legal entities, register of the securities holders or depositary records, for the falsification of the decision of the general meeting of the shareholders (supervisory board) of a business entity, for entering knowingly inaccurate information to the unified state registers.  Such punishments as heavy fines (from 100,000 rubles to 300,000 rubles), deprivation of right to hold specific posts or be engaged in specific activity and imprisonment for the period up to 10 years were provided for.

See: Federal Law No. 147-FZ "On Amendment of the Criminal Code of the Russian Federation and Article 515 of the Criminal Procedural Code of the Russian Federation" dated July 1, 2010.