A court in the US District of Columbia ruled on the payment of compensation to former Yukos shareholders. It is reported by RIA News…
The court refused to reopen the claim pending completion of the proceedings in the Netherlands. The court noted that the suspension of proceedings in this case is appropriate and fully justified, since further proceedings may be fruitless if Russia wins a final victory in Holland or any further appeals to the Supreme Court of the Netherlands.
It is noted that Hulley Enterprises, Veteran Petroleum and Yukos Universal applied to the court to resume the process. The department did not agree with the claims of the plaintiffs, noting that their interpretation of what is happening in Amsterdam is erroneous.
Earlier it was reported that the Supreme Court of the Netherlands overturned the decision on the payment of more than fifty billion dollars by Russia to the former shareholders of Yukos and ordered to revise it. The official statement said that the court ruled in Russia’s favor and overturned the order to pay compensation to the three former major shareholders of the oil company. The explanatory note states that, for procedural reasons, the Hague Court of Appeal erroneously ignored Russia’s argument that the shareholders allegedly committed fraud in the arbitration procedure and therefore did not issue a decision on the merits.
The former shareholders of the YUKOS company filed a lawsuit in the International Arbitration Court in The Hague back in 2005. Initially, the court sided with them and ordered Russia to pay them $ 50 billion. The decision was overturned by the District Court of The Hague, but then the appellate instance sided with the shareholders.
For its part, the Constitutional Court of Russia allowed not to pay the former shareholders of Yukos. On the whole, the Russian side is ready for a protracted trial: Moscow claims that it has serious arguments. In particular, the Ministry of Justice said that the plaintiffs had repeatedly committed financial crimes at home: they did not pay taxes and illegally withdrawn capital, and therefore cannot be considered bona fide investors.
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