VK plans to switch jurisdiction from British Virgin Islands to Russia

MOSCOW. Feb 14 (Interfax) - The board of directors of VK has approved the possibility of re-domiciling the company from the British Virgin Islands to Russia, the internet company said in a statement.

As clarified, the terms and conditions of re-domiciling will be in compliance with applicable legal and regulatory requirements.

"If the re-domiciling is implemented, then VK will become an 'international public company' according to Russian law. VK will be able to continue its activities as a legal entity in Russia, and the re-domiciling procedure will help improve the efficiency of the company's management," according to the statement.

VK also intends to maintain the status of a public company and will regularly provide information on the progress of re-domiciling, according to the statement.

"In the current situation, when the vast majority of assets are based and generate revenue in Russia, and the number of Russian holders of securities has increased, re-domiciling is in the interests of the company and its shareholders, and it is also the best practice for public companies to exit foreign offshore jurisdictions," the company explains.