27.05.08

The Council of the Federal Committee on Economic Policy, Business, and Ownership has recommended that the draft law “On Changes to the Criminal Code of the RF,” be amended before being sent to the State Duma for consideration.

The law is aimed at stiffening penalties for those who illegally acquire ownership or management rights over the property or assets of a legal entity, including establishing control over a legal entity by obtaining ownership or management rights, or by managing members’ charter capital shares or voting shares in a joint-stock company.

Fraudulent actions in this area are punishable by imprisonment for 3-5 years (up to 15 years in special cases), and fines of up to 1 million RUR (up to 5 million RUR and confiscation or property in special cases). For the theft of property, perpetrators can face imprisonment of 10-20 years and property confiscations. Property damage which occurred as a result of fraud and/or through breach of trust can be punished by imprisonment of 3-7 years. Sentences for the falsification of evidence would be set at 2-5 years, and for rendering a deliberately unjust verdict, decision or another judicial act – 5-10 years.

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Source: PRIME-TASS