The 18 trademarks, including Stolichnaya and Moskovskaya, covering Belgium, Netherlands and Luxembourg weren’t sold to the highest bidder of €200,000 in The Hague, in an auction that attracted just two offers. The former owners of Yukos had intended to use the proceeds to help claw back some of the more than $50 billion arbitration award they won against the Russian government.
Despite not being able to sell GML, a holding company of the ex-owners, remained upbeat. The auction was an important first step after 17 years of litigation and established that the company can get through to the enforcement phase, Tim Osborne, chief executive of GML, said. “We are not here to just throw assets away. We are looking to collect $57 billion – 58 billion,” he told reporters after the auction.
The auction is part a string of legal proceedings initiated by GML since 2005. Yukos was liquidated for back taxes after President Vladimir Putin began securing state control over the Russian oil industry in 2003. Yukos’s chief executive officer Mikhail Khodorkovsky was jailed, precipitating a break up of the oil exporter.
In 2014, a Dutch arbitration court ordered Russia to pay more than $50 billion in compensation to GML. The Kremlin has consistently refused to pay the
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia accuses Kyiv of drone strikes as missiles rain on UkraineKremlin shrugs off new measures to control Russian oil shipments What did they expect? Ukraine must just sit back and be pummelled...?
Source: BDliveSA - 🏆 12. / 63 Read more »
G7 price cap of $60/barrel on Russian oil takes effectThe G7 is trying to limit Moscow’s ability to finance its war in Ukraine
Source: BDliveSA - 🏆 12. / 63 Read more »
Source: News24 - 🏆 4. / 80 Read more »
Source: 2oceansvibe - 🏆 43. / 51 Read more »
Oil climbs after curbs on Russian crude kick inOil futures edge higher after falling more than 3% last session
Source: BDliveSA - 🏆 12. / 63 Read more »
Ukrainian drones attack Russian airfieldsStrikes are deepest in Russia since Moscow invaded Ukraine in February You only break stories when Ukraine is firing civilians, and keeps mum on many Russian obliteration of US made weapons. 📹 The Russian Defense Ministry has published footage showing Osa-AKM anti-aircraft missile system in action Subscribe to SputnikInt 📹 The Russian Defense Ministry has published footage showing Osa-AKM anti-aircraft missile system in action Subscribe to SputnikInt
Source: BDliveSA - 🏆 12. / 63 Read more »