LONDON (AP) - The former majority shareholder in oil producer Yukos says it has won in excess of $50 billion in a court ruling against Russia for the expropriation of the company.
LONDON (AP) — The former majority shareholder in oil producer Yukos says it has won in excess of $50 billion in a court ruling against Russia for the expropriation of the company.
One of the largest arbitration cases ever, the claim was filed by a subsidiary for GML Ltd., formerly Group Menetap Ltd., a financial holding company that was once the biggest shareholder in Yukos Oil Co. It sought $103.5 billion from Russia.
Former Chief Executive Mikhail Khodorkovsky had built Yukos into Russia's largest investor-owned oil company after the unraveling of the Soviet Union.
GML says the Permanent Court of Arbitration found that the Russian Federation had sought to bankrupt Yukos and appropriate its assets and that it was determined to do whatever was necessary to achieve this purpose.
GML Executive Director Tim Osborne said the ruling represents a "major step forward" for the shareholders of the company.
"The majority shareholders of Yukos Oil were left without compensation for the loss of their investment when Russia illegally expropriated Yukos," he said in a statement. "It is a major step forward for the majority shareholders, who have been battling for over 10 years for this decision."