MOSCOW, February 27 (RAPSI) – Members of the Liberal Democratic Party Ivan Sukharev (Constitutional Law Committee), Anton Ishchenko (Budget and Taxes) and Sergei Karginov (Federal Affairs and Regional Policy) have proposed sentencing participants in corporate raiding to up to 20 years in prison and confiscating their property, Izvestia newspaper writes Friday, citing the text of the bill.

The MPs have proposed adding a new article to the Criminal Code on corporate takeovers including the rights to manage a company and/or its assents.

The bill’s authors say corporate raiding became a fact of life in the 1990s with the illegal takeover of company property contrary to the will of its founders or managing partners. The MPs say their proposal is aimed at fighting corporate raiding more efficiently.

Under the bill, taking the ownership or management rights of a company or its assets through the illegal acquisition of ownership rights would be punishable by three to five years in prison and a fine of up to 1 million rubles ($16,500). If the takeover involved abuse of office, the penalty would be five to eight years in prison. The longest sentence, up to 20 years in prison, would be stipulated for takeovers that infringe on the security or society or the state.

Ivan Sukharev said the proposed anti-raiding legislation would be complemented with other measures “to close all possible loopholes for this criminal activity.”