“Yandex” has suffered because of foreign owners

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www.vsyako.netPhoto: Evgeny Odinokov / RIA Novosti

Shares of Russian Internet-holding “Yandex”, traded on NASDAQ, during the session on 26 July fell by 5.88 percent, according to the site. The occasion was the initiative of the Russian Parliament to restrict foreign ownership of Internet resources.

To the closing date, the price rose to 37.5 per share. Thus, the drop in the course of the trading day amounted to 2.36 percent.

Earlier on 26 July in the state Duma was introduced a bill to limit foreign participation in major Russian Internet companies, 20 percent of the share capital. The list of significant companies have not yet been determined, but the author of the initiative, the Deputy from “United Russia” Anton Gorelkin said that it is aimed, primarily, at “Yandex” and Mail.ru Group (which owns social networks “Vkontakte” and “Classmates”).

Numerous services of “Yandex”, operating in Russia and in other countries in the form of local legal entities, belong to the head structure of Yandex N. V. registered in the Netherlands. This allows them to save on tax on dividends paid to the address of the parent company, due to preferential tax regime in the country and the bilateral agreement between Moscow and Amsterdam on the avoidance of double taxation.

The largest shareholder of Yandex N. V. is a Russian businessman Arkady Volozh, with 2016 having also citizenship of Malta. He owns a 10.1 percent stake in the company. But due to the fact that the paper of the holding company is divided into two types, he owns 48.4 percent of the vote. Remaining shares are held by top managers of foreign investment funds, and traded on the Moscow exchange and NASDAQ.

In “Yandex” has already criticized the bill. The company said that he could destroy the ecosystem of the Russian Internet business, and offered his assistance in its further discussion.

Video, photo All from Russia.

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