MOSCOW, October 9 - RAPSI. The Ninth Commercial Court of Appeals has upheld the trial court's judgment quashing four Yukos Capital S.a.r.l. agreements on providing Yuganskneftegaz $361.5 million in loans, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Tuesday.
The court has also dismissed Yukos Capital S.a.r.l.'s appeal against the Moscow Commercial Courts June 28 decision to uphold a lawsuit filed by Vesta. The Rosneft shareholder acquired the former YUKOS subsidiary Yuganskneftegaz in 2007.
Yukos Capital S.a.r.l. and Rosneft acted as the defendants in the case.
Vesta maintains that the loans were issued in breach of legislation.
Yukos Capital S.a.r.l. argued that the plaintiff has failed to prove its right to sue because its shareholding was insufficient, and it had to state which of its rights and interests were infringed by the disputed transactions, but not claim that its rights could be violated in the future.
The lawsuit was submitted in 2007. Its consideration was later suspended until the criminal case against former YUKOS head Mikhail Khodorkovsky and his business partner Platon Lebedev reached an end.
A Moscow district court sentenced both men to 14 years in prison for oil theft and money laundering in 2010. They were set to be released in 2017, considering the time they had already served for their convictions from their first trial in 2005. However, on May 24, the Moscow City Court reduced their sentences by one year and now they are expected to be released in 2016.