Russia doubts current holder rights for Yukos case compensation

MOSCOW, Dec 22 (PRIME) -- Russia’s Investigative Committee will check whether former shareholders of defunct oil company Yukos bought the shares of the company lawfully and have the right to demand U.S. $50 billion compensation in a case against the Russian government, a spokesman for the authority Vladimir Markin told reporters Tuesday.

“Due to international legal proceedings initiated on behalf of foreign companies Halley Enterprises Ltd., Yukos Universal Ltd. and Veteran Petroleum Ltd., targeted at forcedly charging Russia more than $50 billion, the investigators are also checking the information…regarding the lawfulness and validity of Yukos’ shares acquisition and later management,” Markin said.

In July 2014, the Permanent Court of Arbitration in Hague ruled that the Russian government must pay $50 billion compensation to Group Menatep Limited, which unites former Yukos owners.

In 2003, the Russian government accused management of then major oil company Yukos of economic crimes. Several company officials were sentenced to prison for fraud and tax evasion. Its core owner, Mikhail Khodorkovsky, was charged with several consequential sentences and spent 10 years in prison before he was pardoned by President Vladimir Putin. The company later declared bankruptcy, and its assets were sold to state-owned oil major Rosneft.

Markin said, Russian investigators are making house and office checks of people financed by organizations affiliated with Khodorkovsky in order to check the data regarding legalization of money raised from sales of Yukos’ assets by former shareholders.

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