The russian federation, under the rules of the arbitration institute of the stockholm chamber of commerce a stateowned russian oil company the claimants statement of claim dated. Pdf taxation and expropriation the destruction of the. The official source of information on the shareholders cases is the yukos library. Russia hired edelman in 2016 to help deal with yukos. The yukos cases and the provisional application of the energy. The pca acted as registry in this arbitration, which was conducted under the uncitral arbitration rules 1976 pursuant to the energy. Use pdf download to do whatever you like with pdf files on the web and regain control. Mikhail khodorkovsky divested himself of all shareholdings in yukos in 2004, and as such, is not party to any claims for damages made by yukos shareholders. He is the first key yukos insider to come forward to speak in specific detail about the billiondollar bribery scheme run by the yukos oligarchs. Multiple challenges of awards on jurisdiction russia v. Pdf a claim of indirect expropriation is at the heart of the yukos investment arbitration cases brought by three former shareholders of yukos oil. Read yukos universal limited isle of man and the russian federation final award part i 18 july 2014, world trade and arbitration materials on deepdyve, the largest online rental service. A case study of success and failure in an unstable institutional environment article pdf available in journal of change management 103.
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. A traffic light shows red near the russian oil firm yukos s building in the siberian oil town of nefteygansk, july 26, 2004. Zion is overhyped, simmons has a good game with major holes and kd was drafted second overall. By that time khodorkovsky had become one of the worlds richest and most powerful men, while yukos had been transformed into a verticallyintegrated oil company that was set to go global. An award may also be set aside or have its recognition or enforcement refused where the award is in conflict with the public policy of malaysia.
Russia sues yukos vehicle in bid to claim arbitration award. On 5 october 2016, the international court of justice upheld preliminary objections to its jurisdiction in three separate cases relating to nuclear disarmament brought by the republic of the marshall islands. Yukos but for equity value on 21 november 2007 referred to below as the 1 the tribunal assumed that yukos but for dividends would be paid on the last day of each year, beginning with 31 december. Elliott geisinger, head of schellenberg wittmers international. 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. Judgment of the dutch supreme court re expert opinion of a senior judge about the yukos case 30 june 2017 memorandum opinion of the united states district court for the district of columbia ii 18 aug 2017. While this was indeed the most thorny legal issue concerning jurisdiction faced by yukos shareholders, and the dispute is not over, this is a major setback after 10 years of legal proceedings.
Although menatep did not offer the highest bid, it nevertheless won the auction. Can the unsuccessful party challenge an arbitral award on the basis that an arbitral secretary was substantially involved. Respondent motion to deny confirmation of award filed. Originally from journal of damages in international arbitration. Yukos capital sarl v ojsc rosneft oil company 2012 wlr. This can be explained by the fact that menatep also oversaw the bidding process and that the highest.
Russia are several international court and arbitral cases seeking. 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. Yukos shares the award on the merits, dated 12 september 2010, in the case of roslnvest co uk ltd v. The yukos cases and the provisional application of the. The role of the tribunal secretary in international arbitration is an enormously grey area that has been subject to instances of abuse.
The full text of the courts reasoning may be found below. Arbitration and agreement are interlinked in three respects. Pdf yukos universal limited isle of man v the russian. Yukos oil company was a petroleum company in russia which, until recently, was controlled by russian billionaire mikhail khodorkovsky and a number of prominent russian businessmen. Whether youve loved the book or not, if you give your honest and. We are confident that our appeal will prevail and restore. In the summer of 1999, yukos reputation hit rock bottom, and disgusted foreign investors decided to divest. Despite a global convergence of rules and instruments that regulate and condemn corrupt practices, issues of corruption in investorstate arbitration are complex and frequent, as they typically involve. Corruption as a jurisdiction bar in investment treaty. 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. Iba the role of the tribunal secretary in international. No absolute bar to award of interest on foreign arbitral awardssca 1981, s 35a yukos v rosneft no. Web to pdf convert any web pages to highquality pdf files while retaining page layout, images, text and. The singaporean courts interpret the statutory grounds for setting aside awards narrowly 1 and with strict scrutiny.
International arbitration group 28 july 2014 historic award in the yukos majority shareholders arbitration in a historic usd 50 billion award rendered. It must be recalled that the russian federation signed the ect on 17. Interim award on jurisdiction and admissibility 30 nov 2009. By that time khodorkovsky had become one of the worlds richest and most powerful men, while yukos had. The yukos interim awards on jurisdiction and admissibility.
Gololobov served as yukos deputy general counsel and was a member of the oligarchs inner circle from 1995 to 2004. Yukos conducted its sales through a network of companies registered in a number of lowtax regions in russia. The russian federation interim award on jurisdiction and admissibility 30 november 2009, world trade and arbitration materials on deepdyve, the largest online rental service for scholarly research with thousands of academic publications available at your fingertips. Vol 4 20172018 the interplay of sovereignty and consent in the execution of arbitral ward debts against 25 nonparty stateowned enterprises if these can be characterized as being in use or. This chapter was in progress when the yukos awards were. 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. The tax ministry rejected a later effort by yukos to file documents on its own. The court, in the hague, said the panel of arbiters that had made the award, the largest. Russia said they would appeal the ruling in the dutch courts, criticising the seriously flawed judgement as politically biased. This arbitration award is not stating that the russian government cannot deal with oil and other national resources as it. Arbitration institute of the stockholm chamber of commerce. The international arbitration court decisions 3rd edition gives the reader extracts from significant court decisions in the area of international arbitration.
In the event, the tribunals issued awards of over 600 pages, granted. It raises interesting issues as to the meaning of the phrase after the dispute has arisen in article 231 of the recast judgments regulation1 and, by. 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. Mikhail khodorkovsky ceo of yukos and supporter of russian. Subsequently, yukos brought proceedings against rosneft in the english commercial court, seeking permission to enforce the awards under the english arbitration act 1996 and bringing a claim for the. Yukos landmark decision on the energy charter treaty. Files are available under licenses specified on their description page. 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. Pdf on jun 1, 2015, sophie nappert and others published the yukos.
Yukos commented on its web site that, we can only assume that this action against him is a direct result of his accepting a position to work to protect yukos oil company and its legitimate stakeholders. The substantial involvement of arbitral secretaries. Russia wins legal victory over yukos damages financial times. Today, yukos files quarterly reports in accordance with u. International arbitration group 28 july 2014 historic award in the yukos majority shareholders arbitration in a historic usd 50 billion award rendered on july 18, 2014, an arbitral. Writ of summons today, the tenth day of november two thousand fourteen 2014, at the request of the russian federation, seated in moscow, the russian federation, choosing as its address for.
The interplay of sovereignty and consent in the execution. Jun 19, 2015 the yukos arbitration decision in a nutshell. Russia hired edelman in 2016 to help deal with yukos fallout. The annulment of an arbitration award by a foreign jurisdiction is not a ground for refusing the enforcement of arbitration awards in france. At the centre of the controversy surrounding the reversal of awards in the yukos cases is the provisional application laid down in article 45 of the energy charter treaty ect, which allows a. After 10 years of proceedings, the awards were annulled by the. International arbitration newsletter the 2014 lcia rules the modernized and improved lcia rules offer greater efficiency and flexibility and include. Considering the documents in the file and referring to its case law, the court held that it was reasonable to award. The doctrine of clean hands in investment arbitration after the yukos award, 17 journal of world investments and trade. Rosneft submitted a lengthy defence to the submissions and exhibits of yukos capital but did not themselves file any expert or factual evidence in response. Enforcement of arbitral awards set aside at the seat of.
All structured data from the file and property namespaces is available under the creative commons cc0 license. Globalisation has prompted the countries of the world to seek effective and efficient methods of dispute resolution which has led to the importance and widespread acceptance of arbitration as a preferred. At the centre of the controversy surrounding the reversal of awards in the yukos cases is the provisional application laid down in article 45 of the energy charter treaty ect, which allows a signatory to unilaterally undertake to give affirmative legal effect to the obligations under the ect on a voluntary and provisional basis. Yukos awards annulment by the hague district court iar. No absolute bar to award of interest on foreign arbitral. The knicks have sucked as an organization for decades but dont pile it on too much. Taxation and expropriation the destruction of the yukos oil empire. The russian federation argues yes and applied in november 2014 to the district court of the hague to set aside the socalled yukos awards.
Court of appeal clarifies scope of annulment proceedings against yukos award. Its first opportunity is to file a claim for annulment within three months after the award has been dispatched to the parties or deposited with the competent district court. Historic award in the yukos majority shareholders arbitration. Multiple challenges of awards on jurisdiction russia v yukos news. The permanent court of arbitration pca arbitrations were launched on 3 and 14 february 2005 after formally notifying the russian government of the intention to file.
International arbitration court decisions third edition. Other readers will always be interested in your opinion of the books youve read. Corporate nationality in international investment law aleksandrs fillers, ll. Case study catalog august 2006 icfai center for management research plot no. Apr 01, 2010 read yukos universal limited isle of man v. A us property developer has announced its intention to file an investorstate arbitration against the government of south korea over the development of the songdo international business district. This event proved a turning point for postcommunist russia and for vladimir putins presidency. 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. The following month, it was reported that some individuals established themselves as the new management of yukos. Petitioners opposition to respondents motion for leave to file. This book deals with the contractual platform for arbitration and the application of contractual norms to the parties dispute. The russian federation interim award on jurisdiction and admissibility 30 november 2009, world trade and arbitration materials on deepdyve.
1019 1221 56 406 501 1242 735 1065 128 125 67 1387 957 1117 528 1380 832 57 757 1079 1559 280 658 295 1205 1434 1529 1010 648 573 372 770 936 143 889 895 1329 344 1195 868