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Yukos Case: Russia Appealed the Decision of the Hague Court to Pay $ 57 Billion to Former Yukos Shareholders
May 15, 2020 14:52


(Source: https://cbkg.ru/uploads/articles/4c4d773e2f419690540c8af0266000ee.jpg)

Russia appealed the decision of the Hague court to pay $ 57 billion to former Yukos shareholders. 

Russia appealed the decision of the Hague court to recover $ 57 billion in favor of former Yukos shareholders. The Ministry of Justice called the findings of the appeal court “unlawful and unfounded.”

On May 15, Russia appealed to the Netherlands Supreme Court the decision of the Hague Court of Appeal to pay $ 57 billion to former Yukos shareholders. This was reported by the press service of the Ministry of Justice. Russia considers the findings of the court of appeal “illegal and unfounded.”  The Office emphasized that the court did not take into account the numerous facts of "violation by plaintiffs of anti-corruption and "anti-laundering" regulation."

It follows from the message that the former shareholders gained control over the company's assets through proven conspiracy, fictitious tendering and bribing officials. “Offshore“ dummy companies ”controlled by Russian citizens have not actually paid for YUKOS shares and, accordingly, have not made any contribution to the Russian economy,”  the Justice Ministry said.

The report emphasizes that when managing Yukos, the former owners allowed tax evasion, the withdrawal of assets abroad and money laundering. “Therefore, the plaintiffs, having “dirty hands”, cannot be recognized as bona fide investors in the sense of the Energy Charter Treaty to which they refer,” the ministry points out.



The press service also recalled that “evidence of bribery by the Russian oligarchs of the main witness in the case was presented. At the stage of the arbitration, the plaintiffs misled the arbitrators regarding the ultimate beneficiaries of the three shell companies that filed lawsuits against Russia, the Justice Ministry said. According to the agency, the decision of the Hague Court of Appeal does not comply with the position of the European Court of Human Rights (ECHR). In addition, the court did not take into account the mass evasion of Yukos from taxes proved in the course of the said proceedings. The Office emphasized that Russia intends to "consistently defend its interests both in the cassation instance of the Netherlands and in other jurisdictions."

In February, The Hague Court of Appeal ordered Russia to pay $ 50 billion to former Yukos shareholders. The court upheld the decision of the Hague arbitration of July 18, 2014, which ordered Russia to compensate the plaintiffs for damage caused to the actions of the state. The Russian Foreign Ministry called this decision "politically biased." The head of the International Center for Legal Protection, Andrei Kondakov, told Forbes that Russia would appeal the decision. The Ministry of Justice also announced its intention to challenge the decision of the appellate court in the Netherlands Supreme Court.

In the summer of 2014, International Arbitration in The Hague (arbitration court) ruled that in the early 2000s the Russian side launched a full-scale attack on Yukos and its beneficiaries. According to the court, the goal was to achieve bankruptcy of the oil company and appropriation of its assets. The plaintiff in the case were three offshore structures - Hulley Enterprises, Yukos Universal and Veteran Petroleum,   part of Group Menatep Limited. GML represents the interests of former Yukos shareholders Leonid Nevzlin, Vladimir Dubov and others. The arbitration tribunal ruled that Russia was supposed to pay $ 50 billion compensation to Yukos ex-shareholders for the expropriation of the company.

After that, France and Belgium began to seize Russian assets abroad.  Russia secured the annulment of the arbitration court decision in the Hague District Court. Then, the former Yukos shareholders appealed to The Hague Court of Appeal to annul the decision of the lower Hague district court, demanding   the arbitration decisions on payment of $ 50 billion to  be reinstated. A new round of litigation in the suit of the former Yukos shareholders against Russia began in September of the  last year.




Author: Anna Dorozhkina

Tags: Yukos case Yukos Russia international Mikhail Khodorkovsky  

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