Former Yukos shareholders ready to compromise with Russia
LONDON, July 29 (RAPSI) - Former Yukos shareholders are ready to compromise with Russian officials after the International Court of Justice in The Hague ruling if government officials can present reasonable and grounded suggestions, the director of Group Menatep Limited (GML), Tim Osborne, told RIA Novosti.
Yesterday, the Permanent Court of Arbitration in The Hague published its ruling of July 18 regarding the lawsuits of three companies who represent the former shareholders of Yukos. Hulley Enterprises (Cyprus) and Yukos Universal Limited, subsidiaries of GML, owners of a total of 51% of Yukos shares, will receive $39.9 bn and $1.85 bn respectively while Veteran Petroleum Ltd., a Yukos pension fund, will receive $8.2 bn.
Russian authorities have already announced their intention to appeal the ruling of the Court of Arbitration in The Hague. The Russian Finance Minister specifically stated that the court was not competent to hear the lawsuit by the former Yukos co-owners.
Osborne said that unless the compensation issue was resolved with Russian officials, the lawyers would insist on recovering the money from Russian assets in the countries bound by the UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards. The recovery could concern the foreign assets of all Russian state-run companies, the GML director suggests.