Seestroretsk Instrumental Plant shares deal invalidated by court
The Arbitration Court of St. Petersburg and the Leningrad Region has invalidated the sale of a controlling stake in the Seestroretsk Instrumental Plant and ordered recovery of over 1.2 billion rubles for the state.
8 июля, 2026, 15:57 2
The Arbitration Court of St. Petersburg and the Leningrad Region has declared the transaction for the sale of shares in JSC Seestroretsk Instrumental Plant (SIZ) invalid. The court also issued several orders:
- Recover 1.294 billion rubles from co‑owner Viktor Osokin and his controlled companies in favor of the state;
- Seize the plant«s assets and transfer them to state ownership;
- Recover about 271 million rubles in unpaid taxes and fines from SIZ.
The court rejected the plaintiff«s request for immediate enforcement, but the ruling can be appealed within one month. The decision was handed down on July 8.
The dispute dates back to late 2023, when Cyprus‑based Penlensen Holdings Ltd sold 98.72% of SIZ shares to LLC Volga. Both companies are ultimately owned by Viktor Osokin. The St. Petersburg prosecutor«s office challenged the deal during a review of the legality of share transfers.
Prosecutors argued that the transaction violated the law because it was completed without mandatory approval from the government commission overseeing deals involving representatives from unfriendly countries.
Osokin«s representative countered in court that the businessman had notified Russian authorities of his control over the offshore entity before signing the agreement, thus eliminating the need for commission approval.
Before Osokin«s structures, the shareholders were Jensen Group Holdings LTD (USA) and Rovida Estates Limited (Cayman Islands), neither of which participated in the proceedings.
The court invalidated the deal between Penlensen and Volga, and ordered the recovery of 1.294 billion rubles paid for the share package from SIZ, Penlensen Holdings LTD, LLC Volga, and Viktor Osokin. The plant«s real estate was transferred to the state. Additionally, SIZ must pay 271 million rubles in previously unassessed and unpaid taxes.
Meanwhile, the funds for acquiring the shares were provided by DOM.RF, which in a separate lawsuit filed in March 2026 is seeking to foreclose on the plant«s shares pledged as collateral for the loan.
The Seestroretsk Instrumental Plant is located in the Kurortny district. Its real estate, owned by JSC SIZ, is leased out. Long‑term plans for redevelopment of the site have been considered, but the buildings are listed as architectural monuments and cannot be demolished. A redevelopment project for the plant and adjacent area was previously explored by LLC Specialized Developer EVO, also controlled by Viktor Osokin.
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