AMSTERDAM, April 20 (Reuters) - In a victory for Moscow, a Dutch court on Wednesday overturned an order that Russia pay $50 billion to shareholders in defunct oil company Yukos, saying that the Hague-based Permanent Court of Arbitration had no jurisdiction.
“The court quashed the judgments by the international arbitrators on the ground that they had no power to intervene in these matters as arbitrators,” the ruling said.
Four shareholders in the defunct oil company were demanding compensation from the Russian state, which they said had deliberately crippled the company with tax demands. (Reporting By Thomas Escritt, editing by Larry King)
Our Standards: The Thomson Reuters Trust Principles.