The state needs more control over offshore companies
The Russian Anti-Monopoly Ministry asks for extra powers. Russian financial and industrial groups often use the help of offshore companies. The ministry needs the complete information about the companies that are registered in offshore zones in order to improve the state control over them.
Deputy Anti-Monopoly Minister Andrey Tsyganov believes that Russia’s present laws should be corrected. The official said that there is a strong tendency to conceal the real owners of offshore companies. Russian laws concerning competition touch upon only the things that happen on Russia’s territory. All economic activities that are connected with offshore companies are beyond the scope of Russian laws.
Russia’s Anti-Monopoly Ministry pointed out that there are currently active processes when vertically integrated companies appear in such fields as oil and gas, agricultural, metallurgical, coal-mining, autos, and other branches of the Russian economy. The rapid development of those procedures needs careful and permanent state control. This control should cover not only the process of their establishment, but also their business activities.
Anti-Monopoly Minister Ilya Yuzhanov stated that the ministry is supposed to analyze the situation on those markers in order not to allow such companies to use their dominating position on the market for their own selfish needs. That is why the Anti-Monopoly Ministry of Russia needs more power.
Akhtyam Akhtyrov PRAVDA.Ru
Translated by Dmitry Sudakov