Newsletter for the South Korea businesses and investors (October, 2013)

Russian Regulation of Fishing by Korean Companies

Major legal and regulatory issues have arisen in recent weeks concerning the operations of foreign fishing operations in the waters of the Russian Federation. The current investigations could have significant impacts on Korean fishing companies and other foreign companies owned by Korean investors.

At the beginning of the September 2013, the State Duma Committee of the Russian Federation responsible for natural resources, nature management, and ecology requested the Federal Security Service and the General Prosecutor’s office of the Russian Federation to take measures to suppress illegal aquatic bio-resource production activities by foreign legal entities operating in the Russian Far East.

At the present time, the Federal Anti-Monopoly Service is conducting a preliminary investigation of several large Korean, Chinese, Japanese, and American companies, which allegedly have acquired illegal control over 20 Russian fish production companies. If violations of Russian competition law are confirmed, this could result in significant civil and criminal liability, as well as a range of administrative sanctions and restrictions on the governance and operations of those entities.

Click here to download our complete briefing.

Introducing ART DE LEX

ART DE LEX is a Russian law firm providing legal services to domestic and foreign businesses, both throughout all parts of the Russian Federation and abroad.

We recently represented one of the largest of fish importers in the Russian Federation in a Federal Anti-Monopoly Service (FAS) case. We successfully answered the FAS complaints, resulting in only minimal negative consequences for our client.

We have practical experience in delivering comprehensive legal services and support to clients in multiple jurisdictions. We are a team of experts who are proactive in understanding our clients’ needs and objectives, with a special emphasis on the political, social, and economic situations, industry-specific factors, and any other requirements required to ensure that each client receives the best possible customized service.