09 June 2004 06:26
Anti-monopoly service to get merger-breaking power
MOSCOW. June 9 (Interfax) - The Federal Anti-Monopoly Service (FAS) might in a year's time get the authority to
cancel merger deals if the companies involved violate anti-trust law, FAS chief Igor Artemev announced at a Wednesday
press conference.
Ownership concentration level is reaching 60%-70% in some sectors, he said, and "whole markets have become
monopolized as a result of privatization."
stipulation on the mandatory division of a company if the law is
violated, but the mechanism for doing so is not prescribed. The de-
"Property rights must be ensured," he said.
if the government endorses the program, the FAS will be the control
His agency's job is to prepare program for sector de-monopolization, Artemev said. Existing competition law
contains a
monopolization program, he said, particularly looks at rules for selling stock in the separated companies.
and oversight agency for this area, Artemev said. It is possible the program will call for changes to Russia's
Civil Code, he said.
"Our lawyers are working through this now." [RU EUROPE EEU ASIA EMRG ECI MRG IPO] cf
[Interfax] |
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