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World Court reinstates order for Russia to pay $50 bln over Yukos

14:15  18 february  2020
14:15  18 february  2020 Source:   msn.com

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In a major legal defeat for the Russian government, a Dutch appeals court on Tuesday reinstated an international arbitration panel’s order that it should pay $ 50 billion The Hague Court of Appeal ruled that the 2016 decision “was not correct. That means that the arbitration order is in force again.”

A Dutch appeals court has reinstated an international arbitration panel’s order to Russia to pay $ 50 billion compensation to shareholders in former The 2014 arbitration ruling said that Russia was not acting in good faith when it levied the massive claims against Yukos , even though some of the

THE HAGUE, Netherlands (AP) — In a major legal defeat for the Russian government, a Dutch appeals court on Tuesday reinstated an international arbitration panel’s order that it should pay $50 billion compensation to shareholders in former oil company Yukos.

FILE - In this Tuesday, July 24, 2018 file photo, Russian opposition figure Mikhail Khodorkovsky, the former owner of the Yukos Oil Company, poses for a photograph after being interviewed by The Associated Press in London. A Dutch appeals court on Tuesday Feb. 18, 2020, reinstated an international arbitration panel’s order to Russia to pay $50 billion compensation to shareholders in former Russian oil giant Yukos. (AP Photo/Matt Dunham, File)© Provided by Associated Press FILE - In this Tuesday, July 24, 2018 file photo, Russian opposition figure Mikhail Khodorkovsky, the former owner of the Yukos Oil Company, poses for a photograph after being interviewed by The Associated Press in London. A Dutch appeals court on Tuesday Feb. 18, 2020, reinstated an international arbitration panel’s order to Russia to pay $50 billion compensation to shareholders in former Russian oil giant Yukos. (AP Photo/Matt Dunham, File)

The ruling overturned a 2016 decision by The Hague District Court that quashed the compensation order on the grounds that the arbitration panel did not have jurisdiction because the case was based on an energy treaty that Russia had signed but not ratified.

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Russiais thus ordered to pay $ 50 billion compensation to shareholders in former Russian oil giant Yukos .

AMSTERDAM, Feb 18 (Reuters) - A Dutch appeals court on Tuesday overturned a lower court 's annulment of a $ 50 billion award to shareholders in the now defunct Russian oil giant Yukos . Court reinstates order for Russia to pay $ 50 bln over Yukos .

The Hague Court of Appeal ruled that the 2016 decision “was not correct. That means that the arbitration order is in force again.”

“This is a victory for the rule of law. The independent courts of a democracy have shown their integrity and served justice. A brutal kleptocracy has been held to account,” Tim Osborne, the chief executive of GML, a company made up of Yukos shareholders, said in a statement.

The Russian Justice Ministry said in a statement after the verdict that Russia will appeal. It charged that the Hague appeals court “failed to take into account the illegitimate use by former Yukos shareholders of the Energy Charter Treaty that wasn’t ratified by the Russian federation.”

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By Megan Davies, Jack Stubbs and Thomas Escritt MOSCOW/LONDON/AMSTERDAM (Reuters) - An international arbitration court ruled on Monday that Russia must pay $ 50 billion for expropriating the assets of Yukos , the former oil giant whose ex-owner Mikhail Khodorkovsky fell foul of the Kremlin.

An international arbitration court ruled on Monday that Russia must pay $ 50 billion for expropriating the assets of Yukos , the former oil giant whose It also said the “politically biased decision” was based on “current events” - an apparent reference to Moscow’s dispute with the West over Ukraine.

The arbitration panel had ruled that Moscow seized control of Yukos in 2003 by hammering the company with massive tax claims. The move was seen as an attempt to silence Yukos CEO Mikhail Khodorkovsky, a vocal critic of President Vladimir Putin.

The 2014 arbitration ruling said that Russia was not acting in good faith when it levied the massive claims against Yukos, even though some of the company’s tax arrangements might have been questionable.

The state launched “a full assault on Yukos and its beneficial owners in order to bankrupt Yukos and appropriate its assets while, at the same time, removing Mr. Khodorkovsky from the political arena,” the arbitrators said.

Khodorkovsky was arrested at gunpoint as he boarded a plane in Siberia in 2003 and spent more than a decade in prison as Yukos’ main assets were sold to a state-owned company. Yukos ultimately went bankrupt.

The Russian Justice Ministry said the Hague appeals court “ignored the fact that ex-shareholders of Yukos weren’t bona fide investors,” noting that “they had won control of the company assets through unlawful actions, including collusion and bribing officials.”

The ministry also emphasized that Tuesday’s ruling contradicted the 2011 verdict of the European Court for Human Rights, which rejected allegations that the case against Yukos was politically driven.

“The Russian Federation will continue to defend its legitimate interests and will appeal the verdict in the Supreme Court of the Netherlands,” the ministry said.

____

Vladimir Isachenkov in Moscow contributed to this report.

Yukos: Russia ordered to pay 50 billion dollars .
© Provided by Le Point Mikhaïl Khodorkovski, ioukos More than 15 years after the dismantling of Yukos, the legal aspect of this case is not yet finished. A Dutch court on Tuesday ordered Russia to pay $ 50 billion in compensation to ex-shareholders of the former oil group. Russia immediately announced that it would contest the judgment. The Russian Ministry of Justice regretted that the court had "ignored the fact that the former shareholders of Yukos were not all shareholders in good faith".

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