VK’s Board of Directors has approved the possibility of re-domiciling the company from the British Virgin Islands to the Russian Federation. This is indicated in the VK message.
Redomiciliation is the new registration of a company in another country maintaining the legal form, structure, assets, liabilities, bank accounts, etc.
VK notes that in the current situation, when most of the assets are based and generate income in Russia, and the number of holders of Russian securities has increased, “redomiciliation is in the interest of the company and its shareholders, and it is also the Better option”. practice for public companies to leave foreign extraterritorial jurisdictions”.
If the redomiciliation is implemented, VK will become an “international public company” under Russian law. The holding company will be able to continue its activities as a legal entity in Russia, and the redomiciliation procedure will improve the efficiency of the company’s management.
The company intends to maintain public company status and plans to report regularly on the progress of the redomiciliation.
Author:
anastasia mariana
Source: RB
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