RARELY ARE the stakes of a single word in a legal dispute so great as in the case of the shareholders of Yukos, a defunct Russian oil company. On February 18th a Dutch appeals court will rule on whether the Russian state must compensate shareholders for bankrupting Yukos using bogus tax-fraud charges. In 2014 the Permanent Court of Arbitration , an international dispute-resolution court in The Hague, awarded them $50bn—one of the largest awards ever.
But the biggest arbitration case was the one at the PCA in The Hague. It was launched by a holding company called GML, comprising Mr Nevzlin and a few other big shareholders who together had controlled 60% of Yukos. They claimed that Russia’s seizure of the company had violated the Energy Charter Treaty, an international investor-protection agreement. That treaty lets foreign investors file for arbitration at several venues, including the PCA, in case of a dispute.
Whatever the appeals court decides, the loser will almost certainly appeal to the Netherlands’ Supreme Court, which could take another year or more. If GML ultimately wins, its lawyers would still have to recover the money. Their efforts to do so in 2015, after the initial PCA ruling, did not go well. In Belgium, GML tried to attach Russian embassy bank accounts and government-owned buildings, but the accounts were unfrozen because of diplomatic immunity.
Dutch Court orders Russia to pay €50 bn to Yukos-shareholders.
Such is the power of national politics. International stakeholders suffered huge losses and Khodorkovsky was jailed for ten years because the unprotected auditors of giant Yukos were 'persuaded' to withdraw their reports for 1995 to 2004? Russia is surely not alone here. 2008?
usual robbery, international courts all were turned into American
Even a coma could make a big difference in the meaning of a sentence. For example: Ben is in a hurry. Ben is in a coma.
Exercise of mpartiality is necessary.
Still enormous holes in rules for global finance - eg unless creditors use gun-boat diplomacy, a transient govt can steal other countries assets of many $trillions in its territory. Non-repayment of huge debts and theft of foreign assets is allowable. And sovereignty is rising.
Good article.
Yukos was privatized in a tremendously corrupt manner, then putin came in and in a tremendously corrupt and authoritarian way “claimed it back” for the people, which means he stole it. Russia is a country with so much wasted potential
Council of Europe in dispute with Russia over Yukos case.
Russia seizes 61% of shares in oil giant Yukos.
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