Timeline

A success story

2002

GML publishes its ownership structure.

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2001

Yukos is the first Russian Oil company to publish quarterly financial reports.

2002

GML publishes its ownership structure.

2003

Yukos employs 100,000 people, becomes Russia's second largest taxpayer, reaches a market value of $33 billion, and joins the Financial Times top-10 global companies for shareholder confidence.

A violent expropriation

February 2003

Yukos chief executive, Mikhail Khodorkovsky, takes part in a televised meeting with President Putin and other business leaders, and calls for action on corruption.

October

Khodorkovsky is seized at gunpoint by security services, and spends the next decade in jail.

December

Tax ministry demands $3.5 billion from Yukos – only months after a regular audit gives the company a clean bill of health - and orders payment within two days.

A violent expropriation

2004

Russian authorities seize all shares in Yukos’s largest production facility, Yuganskneftegaz. The facility is later auctioned off in 10 minutes to Baikal Finance Group, a company that had been registered just a few days before. Within days of the auction, Baikal is acquired by Rosneft, the State- controlled oil producer.

2005

GML commences independent arbitration proceedings in The Hague. Three renowned arbitrators are chosen: one by the Russian Federation, one by GML, and one by the Permanent Court of Arbitration, which administers the proceedings. Over nine years they examine more than 4,000 pages of evidence, hold 33 days of hearings, and listen to 23 expert witnesses.

2006

Yukos is forced into bankruptcy.

2005

GML commences independent arbitration proceedings in The Hague. Three renowned arbitrators are chosen: one by the Russian Federation, one by GML, and one by the Permanent Court of Arbitration, which administers the proceedings. Over nine years they examine more than 4,000 pages of evidence, hold 33 days of hearings, and listen to 23 expert witnesses.

Search for justice

A man of honour, Vasily Aleksanyan (above) refuses to give false testimony against his Yukos colleagues. The European Court of Human Rights condemns his detention but he dies two years after his release, having been denied urgent medical treatment.

28 July 2014

The arbitral tribunal sitting in The Hague rules that Yukos was illegally expropriated by the Russian Federation and awards compensation of more than $50 billion to GML. This is what the tribunal said:

Russian courts bent to the will of Russian executive authorities to bankrupt Yukos, assign its assets to a State-controlled company, and incarcerate a man who gave signs of becoming a political competitor.

Primary objective of the Russian Federation was not to collect taxes but rather to bankrupt Yukos and appropriate its valuable assets.

The owners could not have been expected to anticipate that they risked the evisceration of their investments and the destruction of Yukos.

Search for justice

2015

As Russia refuses to settle the arbitral awards of $50 billion, GML - via its subsidiaries, Yukos Universal and Hulley Enterprises - commences proceedings to enforce the awards in Belgium, France, Germany, the UK, the US and India.

Following Russian pressure, the Belgian government rushes through an emergency 'Yukos law', making it more difficult for any wronged person to seize foreign state assets. France subsequently adopts similar legislation.

31 July 2014

European Court of Human Rights awards € 1.9 billion to former Yukos shareholders, ruling that the Russian Federation had violated the European Convention on Human Rights.

2015

As Russia refuses to settle the arbitral awards of $50 billion, GML - via its subsidiaries, Yukos Universal and Hulley Enterprises - commences proceedings to enforce the awards in Belgium, France, Germany, the UK, the US and India.

Following Russian pressure, the Belgian government rushes through an emergency 'Yukos law', making it more difficult for any wronged person to seize foreign state assets. France subsequently adopts similar legislation.

20 April 2016

The Hague District Court does not challenge the merits of the 2014 arbitral ruling but sets aside the award of $50 billion, saying that the tribunal lacked jurisdiction. The decision receives no independent support from any legal commentator.

13 March 2017

GML submits its statement of appeal to The Hague Court of Appeal. Our goal is to overturn the 2016 decision of the District Court.