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The Hague Court of Appeal reinstates Arbitral Awards
The Hague Court of Appeal in the Netherlands today decided to reinstate the Arbitral Awards of 2014, which order the Russian Federation to compensate the former Yukos majority shareholders for the unlawful expropriation of their investment. The Awards amount to more than $50 billion, a measure of the company’s success before it was destroyed.
Tim Osborne, GML’s chief executive, commented on today’s ruling: “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.”
Dutch Supreme Court rules that Russia unlawfully bankrupted Yukos
On Friday 18 January 2019, the Dutch Supreme Court ruled that Russia unlawfully bankrupted Yukos Oil Company. The judgment upholds the ruling of the Appeals Court, which found the politically-motivated bankruptcy so egregious that it violated Dutch public policy.