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" The following forced bankruptcy, seizures of Yukos’ remaining property, as well as ’ sale of those property at auction around the study course of 2007 done the expropriation. If the dust settled, the Russian Federation experienced bankrupted and liquidated Yukos, and state- j owned Rosneft was in possession of practically all of Yukos’ oil creating property. As President Putin himself put it shortly after the YNG auction:
The hostility of the Russian Government toward Yukos was manifest, and the autumn in the cost of Yukos inventory implies that investors had started to provide their shares.
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b. Conversely, the Tribunal notes its prior conclusion on jurisdiction which permitted the importing in the broader consent to arbitration clause in Short article 8 from the Denmark-Russia BIT.
(a) Claimant may possibly submit new documents in rebuttal to the new documents handed out by Respondent, with its Closing Assertion within the hearing; and
3.seven Regarding the Participation Agreements, exactly what is the relevance of Big apple law since the governing regulation, of Russian legislation and of Intercontinental regulation, specially the IPPA, for the issues to generally be resolved because of the Tribunal in the, current situation?
(b) the Functions are invited to submit with their 1st spherical Submit-Hearing Briefs an agreed English translation of the entire text of "Legislation 9-Z" on the Republic of Mordovia of which a partial text is submitted as RM-644.
222. Being an First issue, a difference should be drawn between Claimant’s right and Claimant’s capacity to market the Yukos shares, The brief solution to the initial query is usually that Claimant did not - and realized that it did not - have the correct to market the Yukos shares even though the Participation Agreements remained in position. Why else would Claimant have purportedly compensated USS 3.5 million in March 2007 to terminate the Participation Agreements if Claimant by now experienced the proper to provide the shares? 223. It's in almost any celebration apparent to be a legal issue that the Participation Agreements conveyed a property curiosity in rem while in the Yukos shares to Elliott Intercontinental. Respondent’s demonstration that Big apple law would treat the Participation Agreements as getting transferred a residence fascination in the Yukos shares to Elliott Intercontinental stands unrebutted. Under the very long line of conditions cited by Respondent, (at ¶twenty five R-II) the Participation Agreements effected a "genuine" sale in the Yukos shares this kind of that, in the occasion of Claimant’s insolvency, Elliott Intercontinental - rather than Claimant’s individual bankruptcy estate - might have been entitled to obtain Yukos’ dividends also to training the rights of a shareholder, It follows as a matter of hornbook home regulation that Claimant, obtaining offered the possession on the Yukos shares to Elliott Worldwide, did not have the best to show all around and provide exactly the same shares to someone else. 224. Within the hearing, Claimant for The very first time instructed that a Big apple courtroom would not read into the Participation Agreements a prohibition on Claimant’s suitable to market the Yukos shares. This argument is meritless. Inasmuch since the Participation Agreements currently conveyed The whole lot from the financial curiosity within the Yukos shares to Elliott Intercontinental, there was no require for that Participation Agreements to deliver that Claimant could not promote the identical shares a 2nd time. Merely to state Claimant’s argument is to refute it. 225. Respondent clarified on the Listening to that a bona fide purchaser (for worth) from Claimant could have acquired superior title on the Yukos shares, Though Claimant was not https://rosinvest.com the legal or economic operator from the shares. This attainable consequence isn't going to, nevertheless, say anything at all about Claimant’s legal rights as an owner of your shares, but rather solutions to Big apple regulation’s solicitude to the legal rights of the innocent purchaser and wish to advertise a liquid buying and selling current market in securities, untrammeled by defects within an upstream seller’s title. This is obvious from The reality that, less than The big apple regulation, even a good religion purchaser for price from a thief can obtain title.
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3.six. Considering enough time out there through the time period offered with the Listening to within the Timetable, the Tribunal intends to ascertain equivalent maximum time durations both equally for that Claimant and to the Respondent which the Get-togethers shall have offered.
three.three. Except if not agreed between the Events or ruled from the Tribunal, witnesses and specialists could be current inside the Listening to space through the testimony of other witnesses and specialists.
239. With the Listening to, Claimant argued that this letter constituted retaliation towards Yukos for that "trouble" established by Mr. Khodorkovsky’s "Talking up" in opposition to the Russian Authorities by, publishing "a letter addressing the political scenario in Russia."
684. The Tribunal requires under consideration the events’ solutions on the Tribunal’s Concern 3.ten of PO-5 and specifically notes which the functions both equally seek advice from and agree that Post five(1) on the IPPA requires that for an expropriation below Post 5(one), "curiosity at a standard business rate shall accrue until finally the date of payment" on the amount of "ample and powerful payment. The Tribunal is mindful this ruling in Post five refers to the lawful expropriation Which, while in the present circumstance as viewed previously mentioned, the Tribunal considers the expropriation to become in breach of Write-up 5 and therefore illegal thus demanding the typical of damages in Worldwide regulation also to the calculation of curiosity. Nonetheless, the Tribunal notes that the events have both referred for the interest provision of Post five(1) also with regards to a locating of unlawful expropriation. 685. On The premise in the functions’ equivalent submissions on this make any difference and in view with the IPPA offering advice for that level in Post 5, the Tribunal finds it satisfactory that interest at a traditional commercial fee can also be owing https://rosinvest.com over the sum awarded as damages. 686. Regarding the query what on earth is in fact the conventional professional charge, Claimant requests LIBOR + 4 %, compounded semi-on a yearly basis, when Respondent considers the one particular-12 months LIBOR or EURIBOR price as applicable uncompounded. The Tribunal considers, that in look at with the expression "normal" in Report 5(one), the LIBOR level should be applicable with none addition. 687. The problem of whether the curiosity must be calculated on an easy or compound foundation is just one which the Tribunal has sought to answer by reviewing the carry out of Claimant and its greatest proprietor, Elliott International. 688. The Tribunal considers that in the situation of a damages award the payment of fascination is important in an effort to assure comprehensive reparation for your act which caused problems, but the mode of calculation need to be established In order to achieve a result of full reparation, The Tribunal considers that entire reparation In cases like this should keep in mind the character of Claimant’s investment. 689. Even though current financial investment treaty arbitrations have awarded compound desire to claimants, the Tribunal notes that this exercise is not at all unanimous.
(b) Nor has the Russian Federation rebutted the evidence that the tax assessments had been discriminatory, because the therapy of Yukos with the Russian tax authorities was drastically distinctive from its procedure of other similarly located Russian oil companies.