Moscow Commercial Court returns $19 mln property to Russia
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.