Calls for creation of legislative base for a ‘national company’ concept

Author: Inga Friedelhaus Section: Major Events of the Month

Issue: March 2010, Vol. 5, No. 2

Tags: LUKoil

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National Company Definition 

Addressing the State Commission for the Modernization and Technological Development of the Economy last month, LUKoil President Vagit Alekperov called for legally defining the concept of a national company in Russia.

“Today, there are legislative bases on what constitutes public and private companies, but there is such legal definition for a national company in Russia. In my opinion, a national company should be a large legal entity, which is registered in Russia and a corporate tax resident in the country,” he said. “Besides, re-registration of such companies in third countries will be subject to approval by the government.”