The former majority shareholder of the oil company Yukos announced today that he was awarded 50 billion dollars by a court verdict in the dispute against Russia. In the largest arbitration procedure to date, the court in London was approached by the company GML, formerly Grupa Menetap ltd, a financial holding company that was the largest shareholder in Yukos.
That holding asked Russia for 103,5 billion dollars in compensation for the expropriation of Yukos. Former director Mikhail Khodorkovsky made Yukos the largest investor-owned oil company after the collapse of the USSR. According to GML, the Permanent Court of Arbitration ruled that the Russian Federation drove Yukos into bankruptcy and took over its assets by doing whatever was necessary to achieve this.
Director of GML Tim Osborne (Osborne) pointed out that the verdict represents a big step for the company's shareholders. "Majority shareholders of Yukos were left without compensation for the loss of their investment when Russia illegally expropriated Yukos," Osborne said, adding that it was "a key step forward for shareholders who have fought for this decision for ten years."
By the way, Khodorkovsky spent ten years in prison after being convicted of tax evasion and fraud. He was pardoned and released from prison at the end of last year. In international circles, the process against Khodorkovsky has been criticized as politically motivated, because he was a harsh critic of Russian President Vladimir Putin.
Gallery
Bonus video:
