Government seizes control of Domodedovo Airport through arbitration court decision
Mind the Claw, Here Comes the State!
The cat's out of the bag, folks! The battle’s on between DME Holding, the powerful conglomerate owning Domodedovo Airport, and the Russian government. A secretive figure speaking to Interfax confirms that the state has claimed its rightful dues.
"Fully satisfied and promptly enforced," says our insider.
The court has also taken several safeguards in this legal battle. For instance, it ordered operational companies under Domodedovo's wing to grant access to Rosaviаsia and FKП "Аэропорты Севера" for their activities, financial, and technical documentation. This move aims to prevent any unwanted crises and ensure passenger safety.
Moreover, the court banned the management team from taking decisions on additional share issuance, dividend payments, or remunerating board members. They're also restrained from actions that might drain cash and other assets from the company.
Remember when "Monokle" reported earlier in January that Moscow courts froze assets belonging to the companies in DME Holding group, including shares and stakes in legal entities? Those, including the beneficial owners Dmitriy Kamenshchik and Valeriy Kogan, are now under close scrutiny.
The Russian General Prosecutor's Office called out questionable deals that left strategic assets of the conglomerate in foreign hands. Since Kamenshchik, a Russian-born but Turkish-UAE passport holder, and Kogan, a Moscow-born Israeli, managed these assets without proper authorization under Russian law, they violated the nation's rules on foreign involvement in strategic industries like major airports.
Long story short, Russia's eager to claw back control of the Domodedovo Airport by seizing DME Holding. The allegations that Kamenshchik and Kogan circumvented Russian laws prohibiting unauthorized foreign ownership in strategic sectors by transferring hefty profits offshore and holding foreign passports form the crux of the case. The court rulings have paved the way for the immediate seizure of assets and the takeover of airport operations by the state aviation authority. [Source 1][Source 3]
In the ongoing courtyard drama between DME Holding and the Russian government, the court has imposed restrictions on the management team, preventing them from issuing additional shares, making dividend payments, or remunerating board members, to safeguard the company's finances and ensure business continuity. As the nation seeks to reclaim control over the Domodedovo Airport, high-profile figures like Dmitriy Kamenshchik and Valeriy Kogan find themselves under close scrutiny due to questionable dealings that have allegedly led to unauthorized foreign finance in strategic industries such as major airports, thereby violating Russian business regulations.
