Yukos award pdf merge

Russia wins legal victory over yukos damages financial times. Combine or merge files into a single pdf, adobe acrobat dc. Yukos universal limited v russian federation, final award. The longawaited interim awards on jurisdiction and admissibility a awardsa in the yukos litigation have finally appeared online, several months after the tribunal issued them on november 30, 2009. A number of experts believe that the stateowned company gazprom had a hand in the matter. Recent research by the world bank and the imf has shown that each.

Although menatep did not offer the highest bid, it nevertheless won the auction. This arbitration award is not stating that the russian government cannot deal with oil. The yukos interim awards on jurisdiction and admissibility. Combine files into a single pdf, insert a pdf into another pdf, insert a clipboard selection into a pdf, or placeinsert a pdf as a link in another file. Yukos had emerged from the postsoviet era and full privatization in 19951996 to become russias largest oil company, employing about 100,000 people, and one of the largest oil companies in the world. Eventually, yukos largest production subsidiary was auctioned to pay part of the companys. In fact, 37% of russias budget revenues are provided by taxes on oil and gas. A challenge to that award by the russian federation in the district court in the hague in the. At the same time, russia brought proceedings before the district court in the hague seeking to set aside the yukos awards, as well as the three interim awards in which the arbitral tribunal first determined it had jurisdiction to hear the claims interim awards. Yukos yukos oil corporation ojsc, a joint stock company incorporated in russia in 1993 yul yukos universal limited, a company organized under the laws of the isle of man and claimant in pca case no.

This arbitration award is not stating that the russian government cannot deal with oil and other national resources as it. A traffic light shows red near the russian oil firm yukos s building in the siberian oil town of nefteygansk, july 26, 2004. Jul 28, 2014 in an historic arbitral award rendered on july 18, 2014, an arbitral tribunal sitting in the hague under the auspices of the permanent court of arbitration pca held unanimously that the russian federation breached its international obligations under the energy charter treaty ect by destroying yukos oil company and appropriating its assets. Yukos was created as a joint stock company in 1993 and privatized in 1995, with operations across the oil and gas sector. It is rare that the release of an arbitral award is accompanied by a press conference. Yukos arbitrator poncet leaves cms for solo practice share us on. Four years later, the publicly traded yukos had overtaken lukoil as russias largest oil producer and held reserves comparable in size to those of exxon. In the summer of 1999, yukos reputation hit rock bottom, and disgusted foreign investors decided to divest. Yukos claims its actions were legal at the time and that the company used the same tax optimisation schemes as other russian oil companies, such as lukoil, tnkbp and sibneft. Here is a short summary of the most important points of the yukos arbitration award which former shareholders are now trying to enforce in belgium, france and other european countries. Yukos awards annulment by the hague district court iar. Follow these steps to use adobe acrobat to combine or merge word, excel, powerpoint, audio, or video files, web pages, or existing pdfs. It is still not known who is behind this financial group.

Shares in yukos could be acquired not only in russia but also on the major stock exchanges of europe and the united states yukos was considering a full floatation on the new york stock exchange. Russia are several international court and arbitral cases seeking compensation from the government of russia to the former shareholders of yukos based on the claim that russian courts were not acting in good faith in launching tax evasion criminal proceedings against yukos, which led to the bankruptcy of the company. Yukos universal limited isle of man and the russian federation interim award on jurisdiction and admissibility 30 november 2009 tribunal l. In 2002, yukos was russias largest company in the sector and listed as one of the worlds top ten oil and gas companies by market capitalization. The former heads of yukos, mikhail khodorkovsky and platon lebedev, were sentenced to eight years imprisonment for fraud and tax evasion. That same year, however, the russian federation launched oordinated attacks on yukos oil company starting with the arrest of its ceo. The deal, announced last month, would create the countrys largest oil and gas company and the worlds fourthlargest privately owned oil producer. Yukos landmark decision on the energy charter treaty.

The provisional application of the energy charter treaty ect 3 was a crucial issue in the yukos interim awards on jurisdiction and admissibility rendered on 30 november 2009. However, yukos was the only one to be charged with tax evasion and penalised by the authorities. The court, in the hague, said the panel of arbiters that had made the award, the largest. Yukos was the envy of khodorkovskys peers and many of his contemporaries began plotting the yukosisation of their own companies. Landmark decision on the energy charter treaty in a landmark decision rendered on november 30, 2009, an arbitral tribunal constituted pursuant to the energy charter treaty and the uncitral arbitration rules, and sitting in the hague under the auspices of the permanent court of arbitration,1 ruled that the. An inspection copy of an awardwinning leadership case exploring mikhail khodorkovsky at yukos. A case study of success and failure in an unstable institutional environment article pdf available in journal of change management 103 september 2010 with 1,204. By jack newsham law360, new york january, 2017, 11. It was about to become the fourth largest oil ompany in the world. Yuganskneftegaz yng was its main production subsidiary. The russian federation argues yes and applied in november 2014 to the district court of the hague to set aside the socalled yukos awards. The substantial involvement of arbitral secretaries. Judith levine, assistant secretary to the tribunal. Aug 14, 2014 despite these being final awards, it seems unlikely that the yukos cases are behind us.

A traffic light shows red near the russian oil firm yukoss building in the. Russia sues yukos vehicle in bid to claim arbitration award. Yukos v russian federation thus, the new york convention, both through the discretionary wording in article v and the more favourable right provision at article vii1, provides a means through which a member state may enforce an award that has been set aside at the seat of the. Yukos arbitrator poncet leaves cms for solo practice. Yukos and sibneft have agreed in principle to merge. In 2003 yukos had started to merge with russias then one of russias other large oil companies, sibneft. Today, yukos files quarterly reports in accordance with u. Historic award in the yukos majority shareholders arbitration. Jun 19, 2015 the yukos arbitration decision in a nutshell. This can be explained by the fact that menatep also oversaw the bidding process and that the highest. Russia said they would appeal the ruling in the dutch courts, criticising the seriously flawed judgement as politically biased.