Affiliated with the former oil giant YUKOS to a Dutch company Financial Performance Holdings (FPH) has withdrawn his claim against the Russian Federation in the permanent court of arbitration in the Hague, reports RBC. The court dismissed the case relating to the so-called second wave, but considering there are still two of the claim – from the Luxembourg Yukos Capital and Cypriot Luxtona.
FPH in 2013-2014 initiated trials at the Hague for arbitration against Russia. As reported on Wednesday the head of the International centre for the legal protection (MTSPZ, which on behalf of the Ministry of justice coordinates international protection from claims of former shareholders of Yukos) Andrey Kondakov, the total volume of requirements of Russia claims Yukos Capital and Luxtona is $ 15 billion.
Previously, the amount of the claims is not known and the “second wave” virtually no coverage in the press. It is noted that the parties to these arbitration proceedings are bound by obligations of confidentiality. Andrey Kondakov told to close the case and RIA Novosti, but refused to disclose the name of the company, withdrew his claim. He noted that opinion is a ban on re-application with similar requirements. In the end, due to the failure of the plaintiff to their claims, the court dismissed the case. Now the company is also obliged to compensate Russian legal costs in full, the source said RBC.
That FPH (successor to offshore Glendale) decided to discontinue the proceedings with Russia, RBC learned from the Declaration Kondakova, filed in the U.S. court on September 16. In the U.S., continued consideration of the claim of the three former shareholders of Yukos – Hulley Enterprises, Yukos Universal and Veteran Petroleum to Russia, over the recognition of the decision of the Hague arbitration, awarded in 2014 compensation of $ 50 billion.
FPH, Stichting owned by a Dutch Stichting Administratiekantoor Financial Performance Holding, wanted to charge Russia $ 3.5 billion plus interest. This amount is named in confidential minutes of the meeting of the Board of Directors Stichting held in December 2008, seen by RBC.
Arbitration wanted to start back in 2008, but in the end, FPH, Yukos Capital and Luxtona filed suit until 2014 when the decision was made on compensation in favour of GML 50 billion dollars.
In April 2016, the Hague district court has cancelled the decision of arbitration. The court then found that the arbitration had jurisdiction to consider the dispute under the Energy Charter Treaty (ECT), which Russia has signed but not ratified.
After that, the former shareholders of the company withdrew the lawsuits in France, Germany, India. In the UK enforcement proceedings for claims Yukos suspended.
Financial Performance Holdings withdrew its claim unilaterally. As told RBC Andrey Kondakov, on the claims of Yukos Capital and Luxtona expected decisions on the question of jurisdiction.