The Dutch Supreme Court docket has overturned a 2014 ruling by a Hague-based arbitration tribunal that ordered Russia to pay $57 billion to former shareholders of Yukos, a defunct oil large as soon as owned by ex-oligarch Mikhail Khodorkovsky.
“Today the Supreme Court quashed the appeal court’s final judgement as well as the court’s preceding judgement,” the Supreme Court docket mentioned in an announcement on Friday, noting that the case could be referred to the Amsterdam Court docket of Attraction for “renewed judgement.”
The judges contended that Russia had acceptable grounds for interesting the 2014 ruling and ordered the Appeals Court docket to rethink the claims that the previous shareholders had dedicated fraud.
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The courtroom famous that Russia’s different objections to the 2014 ruling had been rejected.
In an announcement, the courtroom claimed that, amongst different issues, Russia’s main objection involved the way in which during which the Court docket of Attraction handled Moscow’s argument that the shareholders allegedly dedicated fraud throughout the arbitration process.
The ruling comes after seven years of authorized wrangling following the decision of the arbitration tribunal in 2014 which claimed Moscow had violated its worldwide obligations for taking steps to bankrupt the huge oil firm within the early 2000s.
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Among the many claimants is former oligarch Mikhail Khodorkovsky who was arrested in 2003 on costs on fraud. As soon as Russia’s richest man, Khodorkovsky was charged and imprisoned till his launch in 2013. The London-based enterprise had snapped up former soviet belongings within the Nineteen Nineties for knock-down costs, creating an oil and gasoline behemoth. Khodorkovsky claimed his arrest was politically motivated, an evaluation extensively accepted by western media.
The previous shareholders have mentioned they continue to be “confident” of profitable their case in opposition to Moscow after Friday’s ruling. “We will study the Supreme Court ruling but are confident that the Court of Appeal in Amsterdam will dismiss the baseless allegations raised by the Russian Federation, and the arbitral awards will be upheld,” they mentioned in an announcement despatched to Reuters.
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