THE CONSEQUENCES OF CRIMINAL VIOLATION OF LEGAL REQUIREMENTS FOR CORPORATE TRANSACTIONS

Abstract

The purpose of the article is to examine the legal consequences of the violations of major transactions committed by corporations: both on the part of recognizing such a transaction as invalid, and on the part of the responsibility of individuals, and in particular on corporate management bodies. The article provides an analysis of the views of researchers on the issues of subsequent approval of a conducted major transaction. Based on the findings of the study, the authors argue that the nature of government-public relations is important for proper legal qualification of these relations and determining the conditions and procedure of liability for a major transaction, as well as the assessment of possible losses or damage. In conclusion, the proposals are made for making amendments to the concept of personal interest in a transaction so that its grounds should be changed from formal to genuine ones, the latter being qualified as the related-party presumption and the non-related party presumption. In the conclusion of the article, proposals are formulated on the need to make changes to the concept of determining the interest of a person in relation to a transaction in such a way that such a classification would take place not on formal grounds, but on the actual interest of individuals, defining such a mechanism as a presumption of interest and a presumption of no interest.