The Federal Tax Service wants to bankrupt the structure of RAEC managers

The Federal Tax Service filed a bankruptcy petition for the management structure of the Russian Association of Electronic Communications (RAEC) Sergei Grebennikov and the ANO Digital Economy of Sergei Plugotarenko Runet Media Holding. In the 2010s, the company published media and executed contracts for participation in events under the auspices of the association, in particular the annual Russian Internet Forum, and also owns a stake in the current organizer of such events, Friends Events. Lawyers believe that the trial could create risks for the work of the latter company and the owners of Runet Media Holding. Mr. Grebennikov, however, expects to settle the claims of the tax authorities.

The Moscow Arbitration Court accepted for consideration the Federal Tax Service’s application for bankruptcy of Runet Media Holding LLC, as follows from the data in the file of arbitration cases. The general director and owner of 50% of the company is the director of the Russian Association of Electronic Communications Sergei Grebennikov, another 50% belongs to the ex-head of RAEC, head of the ANO Digital Economy Sergei Plugotarenko. The next hearing in the case is scheduled for May 2.

Runet Media Holding owns the registration certificate for the now closed online media outlet TheRunet, launched in 2012. RAEC positioned it as its publication dedicated to the Russian segment of the Internet. In 2016–2020, the publisher of TheRunet was the then liquidated Runet Media company. Now the site’s domain redirects to a publication called Runet (publisher is ANO Digital Platforms), where TheRunet articles are also posted. ANO Digital Platforms clarified to Kommersant that they “recreated the project as an independent one and with a new name.” Mr. Plugotarenko redirected Kommersant to Mr. Grebennikov. The latter “intends to resolve the issue of claims from the Federal Tax Service.” ANO Digital Economy does not expect the process to influence the work of the organization. RAEC clarified that they intend to provide the Federal Tax Service with a payment order for payment during the court hearing. The Federal Tax Service did not respond to requests.

The legal entity in respect of which the bankruptcy petition was filed also owns 50% in the Friends Events agency, which organizes events held under the auspices of RAEC: Russian Internet Forum, Russian Internet Week, etc. Government contracts related to the organization of participation of other companies in These events were performed by Runet Media Holding until 2020. In 2020, it showed peak revenue of 103 million rubles, then it began to decline (to 45 million rubles for 2022, no current data). The revenue of Friends Events in 2020 increased from 71 million to 428 million rubles, and in 2022 reached 606 million rubles.

The bankruptcy procedure in relation to Runet Media Holding “will entail risks for all persons associated with it,” answers a lawyer from the K&P.Group bankruptcy practice: “The most significant risks are borne by the general director, especially if a relationship is discovered between bankruptcy and dishonest actions or inactions of managers.” They may also face a ban on holding leadership positions.

The appointment of an independent arbitration manager in Runet Media Holding may also affect the activities of Friends Events, including “the possibility of obstacles in economic activity,” notes Vyacheslav Kosakov, managing partner of Novator Legal Group: “For example, in the event of termination of the powers of the current general director the bankruptcy trustee may not vote for the appointment of a new director, decide to withdraw from the company, or not approve certain transactions where corporate consent is required.”

The arbitration manager, adds Ms. Rudnitskaya, in the event of a significant degree of financial dependence of Friends Events on Runet Media Holding, will analyze the companies’ relations for their compliance with the law, “especially in the financial part and in terms of corporate decisions and transactions.”

Zoya Galeeva, managing partner of the Center for Working with Troubled Assets, clarifies that negative consequences for Messrs. Grebennikov and Plugotarenko can arise “only if they are brought to subsidiary liability for the obligations of the debtor or in the event of challenging transactions that the debtor made directly with its participants.” In addition, she notes, the debtor can simply pay off the demands of the Federal Tax Service and avoid bankruptcy.

Yuri Litvinenko