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Moscow Commercial Court returns $19 mln property to Russia

17:03 11/02/2016

MOSCOW, February 11 (RAPSI) – The Moscow Commercial Court has granted a motion filed by the Federal Agency for State Property Management (Rosimushchestvo) seeking reclamation of the Kvant-N firm’s property valued at more than 1.5 billion rubles ($19 million) from unlawful possession in favor of the state, Moscow prosecutor's office reported Thursday.

The property belonging to Kvant-M, a subsidiary of Russian defense-industrial enterprise Kvant, was illegally privatized in 2003, prosecutors said.

In accordance with Russian legislation, Kvant-N had to be reorganized and affiliated with Kvant. However, its property was privatized and the subsidiary company itself was reorganized into public limited company (OAO) “Kvant-N”, according to prosecutors.

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Moscow Commercial Court returns $19 mln property to Russia

17:03 11/02/2016 The Moscow Commercial Court has granted a motion filed by the Federal Agency for State Property Management (Rosimushchestvo) seeking reclamation of the Kvant-N firm’s property valued at more than 1.5 billion rubles ($19 million) from unlawful possession in favor of the state.
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