Government seized Domodeovo Airport as state assets
Domodedovo Airport's assets are now state property thanks to an unanticipated court ruling, reports claim. The Moscow Region's Arbitration Court granted the General Prosecutor's Office's petition, effectively seizing the airport controlled by DME Holding.
Initially, the proceedings were held in secret. In response to inquiries, Domodedovo's press team confirmed that the airport was operating normally and fulfilling all obligations to its partners.
Back in February, Rosaviation gained access to the full financial and technical documents, software solutions, and management processes of the airport.
According to Russian authorities, Dmitriy Kamenshchik, a businessman residing in Yekaterinburg and the chairman of DME Holding's board of directors, along with his associate Valery Kogan, have been orchestrating the airport's affairs. Kamenshchik holds dual citizenship in Turkey and the UAE, while Kogan is an Israeli citizen. They are accused of managing the airport's assets and pumping multi-million dollar profits overseas without government permission.
Over the years, Russian authorities have been suspicious of the foreign control over Domodedovo Airport, which is a significant player in the nation's aviation sector. The airport's foreign beneficiaries were considered to be in violation of Russian law, prompting the General Prosecutor's Office to take action.
While the specific charges against Kamenshchik and Kogan have yet to be disclosed, they are believed to have started the process of placing the airport under foreign control back in 2016. According to reports, they successfully evadedottomo billion rubles ($228 million) in profits from the authorities between 2021 and 2023.
In Russian law, foreign involvement in strategically important companies without prior consented is strictly prohibited. As Domodedovo Airport is a vital hub for Russia's aviation industry, the foreign citizenship of its top beneficiaries was a legal argument for the Prosecutor General's Office to seize control of the airport.
Following the court's decision, the state now holds 100% ownership of DME Holding, effectively ousting the foreign investors. The court also froze the assets and properties of Kamenshchik and Kogan in connection with the enforcement actions[1][2][5].
In short, the court ruling on Domodedovo Airport stemmed from allegations that Kamenshchik and his associates were funneling assets and profits offshore through a foreign-controlled corporate structure, violating laws regarding foreign ownership in strategic sectors, leading to the state reclaiming control over one of the nation's busiest airports[1][2].
The court ruling on Domodedovo Airport, a significant player in Russia's aviation sector, led to the state taking over 100% ownership of DME Holding, marking the ousting of foreign investors. This decision was made due to allegations that the airport's top beneficiaries, including businessman Dmitriy Kamenshchik and his associates, had been violating laws by funneling assets and profits offshore through foreign control, primarily in the aerospace, finance, and business industries.
