As the tribunal at the Permanent Court of Arbitration in The Hague draws to a close a ruling is expected at some point this week, former partners have expressed confidence the court will rule in their favour. The claim was launched in 2005 by shareholders of GML which was the holding company for Yukos after two previously successful claims by minority shareholders. In the latest claim worth over $100 billion, over 30,000 former Yukos employees holding two thirds of Yukos shares in a corporate pension fund are hopeful the previous rulings are a sign of a a positive outcome to this lengthy court battle.
Could it get any worse
In what has already been a disastrous week for Vladimir Putin, potentially losing a case reported to be worth more than $100 billion in damages will leave the Russian President with further egg on his face. As pressure mounts on the Russian President to act on the current situation in the Ukraine, investors are increasingly concerned that Russia risks severe economic sanctions and further isolation of its actions.
Dismantled and arrested
The Russian government dismantled the former largest crude oil producer after commanding tax charges in excess of $27 billion and arresting the oil company’s former owner Mikhail Khodorkosvsky and previous richest man in Russia on tax evasion charges, charges Khodorkosvsky denies claiming he was arrested because he funded parties opposing Putin.
Khodorkosvsky was imprisoned for over 10 years before being freed in December 2013 and fleeing to Switzerland.