The Permanent Court of Arbitration in The Hague issued rulings in three separate cases which had sought a total of $100 billion from Russia for expropriating Yukos, formerly controlled by Mikhail Khodorkovsky, once Russia's richest man.
The verdict on the case, which has lasted for almost a decade, was announced against the background of the deepest West-East rift since the end of the Cold War over Moscow's role in the ongoing crisis in the east of Ukraine.
- Russia is expected to appeal against the ruling, the report said, Russian daily Kommersant reported Monday.
The claim in the Hague was made by subsidiaries of Gibraltar-based Group Menatep, a company through which Mikhail Khodorkovsky controlled Yukos, once Russia's largest oil company. Group Menatep now exists as holding company GML and Khodorkovsky is no longer a shareholder in GML or Yukos.
Khodorkovsky, who is not fighting the action, was arrested at gunpoint in 2003 and convicted of theft and tax evasion in 2005. His company, once worth $40 billion, was broken up and nationalized, with most assets handed to Rosneft, a company run by a former aide to Russian President Vladimir Putin.
Rosneft was not immediately available for comments in early business hours on Monday.
Putin pardoned Khodorkovsky in December after the former tycoon spent 10 years in jail. Khodorkovsky is no longer a shareholder in Yukos.
http://www.themoscowtimes.com/article/504129.html
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Ex-Yukos shareholders call The Hague court ruling ‘mega-arbitration’...
ReplyDeleteThe $50 billion compensation, which The Hague arbitration court has ordered Russia to pay to ex-Yukos shareholders, is the largest award in arbitration practice, a lawyer of Shearman&Sterling representing the interests of Yukos majority shareholders said on Monday.
Emmanuel Gaillard said the ruling of Permanent Court of Arbitration in The Hague was a mega-arbitration.
The court ruling obliges Russia to pay $39.97 billion to Hulley Enterprises, an offshore firm that acted as a plaintiff in a lawsuit against Russia to defend the interests of former Yukos shareholders.
Permanent Court of Arbitration in The Hague has also ordered Russia to pay $1.89 billion to Yukos Universal, another offshore company that acted as a plaintiff in the Yukos case against Russia.
The Veteran Petroleum fund acting in the interests of former Yukos shareholders is due to receive another $8.2 billion from Russia.
http://en.itar-tass.com/economy/742579
Russia Appeals European Court Ruling on Yukos ...
ReplyDeleteThe Russian Justice Ministry appealed the ruling by the European Court for Human Rights (ECHR) on Wednesday obliging Russia to pay almost 1.9 billion euro ($2.4 billion) in compensation to former Yukos shareholders.
"On October 29, 2014, the Ministry of Justice sent an appeal to the ECHR on the revision by the Grand Chamber of the earlier Yukos ruling by the lower court," the ministry said in a statement.
Earlier, on October 9, Russian Justice Minister Alexander Konovalov said Russia would appeal the ruling issued by the ECHR by October 30 and most likely appeal The Hague Court ruling..................http://en.ria.ru/business/20141029/194799401/Russia-Appeals-European-Court-Ruling-on-Yukos.html
29/10/14