A Dutch court has rejected a final argument in a legal battle over former Russian oil giant Yukos
An Amsterdam court has rejected Russia’s final argument in a years-long legal battle over a $50 billion arbitration award
THE HAGUE, Netherlands (AP) — An Amsterdam court on Tuesday rejected Russia's final argument in a years-long legal battle over a $50 billion arbitration award that is centered on claims by former shareholders that the Kremlin deliberately bankrupted Russian oil giant Yukos to silence its CEO, a fierce critic of President Vladimir Putin.
A panel of international arbitrators ruled in 2014 that Moscow seized control of Yukos in 2003 by deliberately crippling the company with huge tax claims. It ordered Russia to pay the former shareholders $50 billion.
CEO Mikhail Khodorkovsky was arrested at gunpoint 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.
Tuesday's ruling by the Amsterdam Court of Appeal rejected a final ground of appeal filed by Russia alleging fraud by former shareholders. The court said in a written statement that Russia made the claim too late in the proceedings. It added that even if Russia had raised the alleged fraud at an earlier phase of the drawn-out case it would not have altered the outcome.
