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With such a name of presentation took the floor companies Managing Partner, Mr. Rihards Svelpe, in the 2nd international conference “Protection of local and foreign investment in Russia: institutional and legal problems and their solutions” which was organized by Russian Federation State Duma and The Chamber of Commerce and Industry on 25th of November, 2010 . . .
. . . in Moscow.
Recommendations were divided in two parts. First part was dedicated to law of Limited Liability Company (LLC) and in concrete board powers. While in second part Mr. Svelpe shared with his experience about work of Russian officials, and he came out with offer, how to effectively increase a level of responsibility and competence of the officials.
PriBalt Capitals’ team in Moscow, during the investment projects preparation work, found that in Russian law on LLC for the rights of the members is relatively narrow. For this reason, it is difficult to provide qualitative investor interest protection mechanism. Julija Svelpe, PriBalt Capital Founding Partner, is responsible for providing legal support. She was the one who found the problem and also developed a possible solution, which Rihards Svelpe presented in the conference (for details, see the presentation, which is attached to this article).
And suggestions for improving the competence of officials seemed useful and feasible to the Russian politicians. The basic idea was very simple – if individual have to sign, then his responsibility rapidly and substantially grows. This truth was also the basis for the recommendation, because in the first encounter with officers, their work and attitude led to the view that improvements would be desirable.
It turned out that the conference was also attended by the author of criticized law. After the conclusion of the conference, he introduced himself and during private conversation welcomed these recommendations, and invited to join the working group he is chairing. By contrast, secretary of The Chamber of Commerce and Industry who is responsible for Investment Policy Committee invited to carry on cooperation and he predicted that it will be interesting and mutually beneficial.
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