The General Prosecutor’s office for the Samara Region determined that a local tax inspectorate wrongly applied to court in October to liquidate Nestle’s Russian subsidiary. The stated basis for the application was that the company’s net assets as of the end of 2008 and the first quarter of 2009 were less than its charter capital. The prosecutors pointed out that the law requires liquidation if assets are below charter capital for two years, and that the company’s 2007 assets exceeded charter capital.
www.vedomosti.ru/newsline/news/2009/12/10/904903
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