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Yukos shareholders’ move to review verdicts in oil company affair hardly acceptable

July 30, 2014, 9:54 UTC+3 CARACAS
On July 28, the Permanent Court of Arbitration in The Hague has ruled that Russia’s actions were expropriation of investments, Russia should pay more than $50 billion to plaintiffs
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©  ITAR-TASS / Andrey Tkachenko

CARACAS, July 30. /ITAR-TASS/. Review of court verdicts regarding former stockholders and top managers of Russian oil company Yukos in a swap for refusal from compensation or a lower compensation which Russia should pay under the Hague arbitration court verdict to former owners of the oil company is hardly probable, Russian oil major Rosneft CEO Igor Sechin told reporters, noting that “justice cannot be bought for money.”

He gave this response to a statement made before by Leonid Nevzlin, who has a 70% stake in Group Menatep Limited, that the company was ready to reduce financial claims to Russia if court verdicts are changed and court proceedings against former Yukos owners and employees are abandoned.

“So...Nevzlin (the former Yukos owner and the main beneficiary of the Hague court compensation) proposes to swap the lives of people for a money contribution. I believe that this is a court verdict which took effect and it is hardly probable that judges will review court verdicts to criminals who are responsible for the death of people,” Sechin said.

He also doubted strongly that current status of former Yukos shareholders as “foreign investors” was correct.

“At first they received these assets for free, did not pay to state authorities, even for credits given by the Finance Ministry. And now foreign investors. And demand an exorbitant sum from Russia. I believe that this court verdict (by the Permanent Arbitration Court in The Hague) will be appealed. Let they care about themselves,” the Rosneft CEO added.

On July 28, the Permanent Court of Arbitration in The Hague has ruled that Russia’s actions were expropriation of investments. Russia should pay more than $50 billion to plaintiffs.

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