The Hague officially confirmed that Russia has lost more than $ 50 billion in Yukos case
Final Awards Issued in 3 Arbitrations Between Former Shareholders of Yukos and the Russian Federation
THE HAGUE,
On 18 July 2014, arbitral tribunals constituted under the Energy Charter Treaty rendered their final awards in three cases involving former shareholders of OAO Yukos Oil Company (“Yukos”) and the Russian Federation.
The arbitrations were commenced in 2005 by the former shareholders Hulley Enterprises Limited (Cyprus), Yukos Universal Limited (Isle of Man) and Veteran Petroleum Limited (Cyprus) (“Claimants”).
By agreement of the parties, the cases were heard together before identical arbitral tribunals. The arbitral tribunals were composed of The Hon. L. Yves Fortier PC CC OQ QC of Canada (as Chairman), Dr. Charles Poncet of Switzerland, and Judge Stephen M. Schwebel of the United States of America.....
http://www.pca-cpa.org/shownews.asp?ac=view&nws_id=440&pag_id=1261
Topic: Arbitration court orders Russia to pay $50bn in Yukos case - convenient timing? - page 2. (Read 2725 times)
July 28, 2014, 06:21:23 AM
July 28, 2014, 05:20:42 AM
Didn't know Russia was in EU...
Don't know that you can judge problem in foreign jurisdiction ?
July 28, 2014, 05:12:33 AM
Arbitration court orders Russia to pay $50bn in Yukos case
http://rt.com/business/176064-yukos-russia-50bn-damages/
Didn't know Russia was in EU...
In other word, the whole sum. Looks like Khodorkovskij was released from prison prematurely.
A private company fails, and it turns out that the taxpayers should cough up for the failure. It's so like USA...
Also, no surprise there:
Isn't the timing just so convenient. Like the French BNP bank ruling?
And a couple of readers' comments:
This one is spot on, even if a bit misleading wrt Yeltsin. It was Berezovskij who was running Yelstin, while proxying for Washington:
http://rt.com/business/176064-yukos-russia-50bn-damages/
Quote
The International Arbitration Court in the Netherlands has ended a decade long case brought by shareholders in the defunct Yukos oil company, and ordered Russia to pay about $50 billion in damages.
The official ruling published on Monday said the Russian government violated the EU Energy Charter when it redistributed Yukos’ assets after bankruptcy in 2003.
The official ruling published on Monday said the Russian government violated the EU Energy Charter when it redistributed Yukos’ assets after bankruptcy in 2003.
Didn't know Russia was in EU...
Quote
The Hague’s Permanent Court of Arbitration ordered Russia to compensate the plaintiffs with $50 billion – less than half the initial $114 billion demanded by the former shareholders. Russia has also been ordered to pay about $65 billion in legal costs.The claim was lodged by Gibraltar-based Group Menatep Limited (GML) - the company used by Russia’s once richest man Mikhail Khodorkovsky to manage Yukos.
In other word, the whole sum. Looks like Khodorkovskij was released from prison prematurely.
A private company fails, and it turns out that the taxpayers should cough up for the failure. It's so like USA...
Also, no surprise there:
Quote
“This is the biggest arbitration award in history,” as ITAR-TASS quotes Emmanuel Gilyard, a lawyer at the Shearman Sterling bureau, who underlined that the case became a ‘mega-arbitration’.
Quote
In 2003 Russian authorities accused the management of the country’s largest oil company at the time of corruption. A number of senior figures in the company were subsequently found guilty of fraud and tax evasion and were sentenced to jail. As a result, Yukos went bankrupt and its assets were absorbed by the state oil company Rosneft. Soon after the bankruptcy the company’s shareholders applied to The Hague International Arbitration Court, claiming $100 billion in compensation.
Isn't the timing just so convenient. Like the French BNP bank ruling?
And a couple of readers' comments:
Quote
Sean Kavanagh 28.07.2014 09:05
So when is The Netherlands going to be sued for their army looking the other way while thousands of innocent people were murdered in the former Yugoslavia. That report was released two weeks ago and nobody seems to have noticed it. How very strange indeed!
...
Aleksey 28.07.2014 09:05
Everyone already knows what happened to Yukos; you are late to the game. Putin dismantled that criminal organization, and nationalized the assets. Putin is a legend just for what he did to Khadorkovsky.
...
ArtypNk 28.07.2014 09:05
That's impartial... "Pay this here fraud because he lost his company after he was jailed". Lol, this would be about the same as american taxpayers paying Bernard Madoff for some dumb reason.
...
Emmett 28.07.2014 09:51
Clearly political and with the 65 billion dollar in legal fees. The US and EU/NATO are bankrupt and are "legally" robbing nations where they can't simply go in and loot assets by force. This is enough loot for US and EU/NATO to split with each other and support their crumbling economies.
Banks in EU are failing and likely to start a domino effect. Western banks and economies are in need of a cash infusion which US and EU don't have.
So when is The Netherlands going to be sued for their army looking the other way while thousands of innocent people were murdered in the former Yugoslavia. That report was released two weeks ago and nobody seems to have noticed it. How very strange indeed!
...
Aleksey 28.07.2014 09:05
Everyone already knows what happened to Yukos; you are late to the game. Putin dismantled that criminal organization, and nationalized the assets. Putin is a legend just for what he did to Khadorkovsky.
...
ArtypNk 28.07.2014 09:05
That's impartial... "Pay this here fraud because he lost his company after he was jailed". Lol, this would be about the same as american taxpayers paying Bernard Madoff for some dumb reason.
...
Emmett 28.07.2014 09:51
Quote
This is clearly a political decision. And still some Russian officials call the American slave known as the EU partners!!
Clearly political and with the 65 billion dollar in legal fees. The US and EU/NATO are bankrupt and are "legally" robbing nations where they can't simply go in and loot assets by force. This is enough loot for US and EU/NATO to split with each other and support their crumbling economies.
Banks in EU are failing and likely to start a domino effect. Western banks and economies are in need of a cash infusion which US and EU don't have.
This one is spot on, even if a bit misleading wrt Yeltsin. It was Berezovskij who was running Yelstin, while proxying for Washington:
Quote
Vincent 28.07.2014 09:08
First Khodorkovsky robs Russia by making Yeltsin drunk and then he claims even more. Typical mobster mafia tactics. And the EU courts go along with that. EU is proving to be a big scam run by the Mafia.
First Khodorkovsky robs Russia by making Yeltsin drunk and then he claims even more. Typical mobster mafia tactics. And the EU courts go along with that. EU is proving to be a big scam run by the Mafia.
Quote
iStateOfMind3 28.07.2014 09:20
What in the....
HSBC laundered blood soaked drug money for south american cartels and paid a $1bn fine.
Russia took back state assets that landed in the hands of people that didn't own a penny is some cases before Russian collapsed.
They were so obviously working as front men for a gargantuan criminal enterprise.
I mean didn't one of those guy make copper bracelets to earn a living before the collapse? The rest were not much better off either.
What in the....
HSBC laundered blood soaked drug money for south american cartels and paid a $1bn fine.
Russia took back state assets that landed in the hands of people that didn't own a penny is some cases before Russian collapsed.
They were so obviously working as front men for a gargantuan criminal enterprise.
I mean didn't one of those guy make copper bracelets to earn a living before the collapse? The rest were not much better off either.
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