Court reinstates order for Russia to pay $50 bln over Yukos
Featured Articles
In a major legal defeat for the Russian government, a Dutch appeals court on Tuesday reinstated an international arbitration panel’s order that it should pay $50 billion compensation to shareholders in former oil company Yukos.
The ruling overturned a 2016 decision by The Hague District Court that quashed the compensation order on the grounds that the arbitration panel did not have jurisdiction because the case was based on an energy treaty that Russia had signed but not ratified.
The Hague Court of Appeal ruled that the 2016 decision “was not correct. That means that the arbitration order is in force again.”
“This is a victory for the rule of law. The independent courts of a democracy have shown their integrity and served justice. A brutal kleptocracy has been held to account,” Tim Osborne, the chief executive of GML, a company made up of Yukos shareholders, said in a statement.
The Russian Justice Ministry said in a statement after the verdict that Russia will appeal. It charged that the Hague appeals court “failed to take into account the illegitimate use by former Yukos shareholders of the Energy Charter Treaty that wasn’t ratified by the Russian federation.”
The arbitration panel had ruled that Moscow seized control of Yukos in 2003 by hammering the company with massive tax claims. The move was seen as an attempt to silence Yukos CEO Mikhail Khodorkovsky, a vocal critic of President Vladimir Putin.
The 2014 arbitration ruling said that Russia was not acting in good faith when it levied the massive claims against Yukos, even though some of the company’s tax arrangements might have been questionable.
Related listings
-
Lesotho's PM fails to show in court to face murder charge
Featured Articles 02/21/2020Lesotho’s prime minister failed to show up in court on Friday to be charged with murder in the killing of his estranged wife, and police said he might have gone to neighboring South Africa for an undisclosed ailment.Prime Minister Thomas Thaban...
-
WADA asks sports court to open Russia case to public hearing
Featured Articles 02/05/2020The World Anti-Doping Agency wants a rare public hearing for sport’s highest court to judge a four-year slate of punishments faced by Russia for persistent cheating.The Court of Arbitration for Sport is preparing a hearing expected within weeks...
-
Court raises sentence for banker who smuggled a Picasso
Featured Articles 02/04/2020A Spanish court has raised the sentence against a former bank president found guilty of trying to smuggle a painting by Pablo Picasso out of the country.The Madrid court announced the decision Tuesday to raise the sentence against fined ex-Bankinter ...
USCIS Issues Clarifying Guidance on NAFTA TN Status Eligibility for Economists
U.S. Citizenship and Immigration Services (USCIS) announced today that it is clarifying policy guidance (PDF, 71 KB) on the specific work activities its officers should consider when determining whether an individual qualifies for TN nonimmigrant status as an economist.
The North American Free Trade Agreement (NAFTA) TN nonimmigrant status allows qualified Canadian and Mexican citizens to temporarily enter the U.S. to engage in specific professional activities, including the occupation of economist. The agreement, however, does not define the term economist, resulting in inconsistent decisions on whether certain analysts and financial professionals qualify for TN status as economists.
TN nonimmigrant status is intended to allow a limited number of professionals and specialists to work temporarily in certain specifically identified occupations in the United States. This updated guidance provides USCIS officers with a specific definition of one such category – economists – allowing them to adjudicate applications in a way that complies with the intent of the agreement. This policy update clarifies that professional economists requesting TN status must engage primarily in activities consistent with the profession of an economist. Individuals who work primarily in other occupations related to the field of economics — such as financial analysts, marketing analysts, and market research analysts — are not eligible for classification as a TN economist.