Yukos shareholders say would talk to Russia over $50 billion compensation

MOSCOW Tue Jul 29, 2014 9:01am EDT

People walk by the Yukos oil company headquarters in Moscow in this July 8, 2004 file photo. REUTERS/Viktor Korotayev/Files

People walk by the Yukos oil company headquarters in Moscow in this July 8, 2004 file photo.

Credit: Reuters/Viktor Korotayev/Files

MOSCOW (Reuters) - Shareholders of former Russian oil producer Yukos would be willing to discuss with Russia a court's decision to award them $50 billion in compensation, a spokesman for holding company GML said on Tuesday.

"We have always been ready to negotiate with the other side. GML made many attempts to do so ahead of initiating this arbitration and received no response," the spokesman said, after the court in the Hague ordered that Russia must pay $50 billion for expropriating the assets of Yukos.

Russia must pay the compensation to subsidiaries of Gibraltar-based Group Menatep, a company through which Mikhail Khodorkovsky, who fell foul of the Kremlin, controlled Yukos. Group Menatep now exists as the holding company GML, and Khodorkovsky is no longer a shareholder in GML or Yukos.

Tim Osborne, director of GML, has said that the ruling "cannot be disputed".

Russia, whose economy is on the brink of recession, said it would appeal the ruling by the Dutch-based panel, which judges private business disputes.

Russia has to star paying by Jan. 15 next year or facing rising interests on the fine.

Former Russian presidential adviser Andrei Illarionov has said if Russia avoided payment it could face asset seizures around the world.

(Reporting by Vladimir Soldatkin and Megan Davies, editing by David Evans)

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Comments (1)
Bludde wrote:
Why dont you call a spade a spade… It is NOT Yukos shareholders or even MBX.. its just one man – Leonid Nevzlin living in Israel… as for “asset seizures and collections around the world”, we are experts .. Singer at Elliott followed the trail blazed by me in Pravin Banker Associates versus the Republic of Peru. Even though he has far far deeper pockets than I, he has not collected a dime from Argentina and probably spent some $100mm in legal fees,”investigation” fees both covert and overt, and lobbying…My one regret is that MBX did not accept our offer of help in the fall of 1994 relying instead on the millions in “Putin insurance” fees he paid Kissinger (for Bush) and Rothschild (for Blair). Neither was any help. Igor Sechin prevailed and he spent 10 years in incarceration while his “buddy” Nevzlin enjoyed the free life in Israel… see houseofshah.com

Jul 29, 2014 10:48am EDT  --  Report as abuse
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