According to the Agency TASS referring to the representative of the court of Appeals for the district of Svea, the Spanish company GBI 9000 SICAV S. A., ALOS 34 S. L., Orgor de Valores SICAV S. A., Quasar de Valors SICAV appealed the decision dated 18 January 2016, which repealed the decision of the Arbitral Tribunal on the award investors compensation for the alleged expropriation of Yukos. Now the case would be heard in the Supreme court of Sweden.
The first lawsuit in the Stockholm arbitration with Spanish investors filed in 2007. The company that owns American Depositary receipts for shares in Yukos, demanded compensation. The court in 2012 ruled in their favor, however, the Russian representatives have filed an appeal, insisting that the Tribunal had no right to consider the matter for lack of competence.
The appellate court agreed with the position of the Russian lawyers and in the first paragraph of the resolution stated that the Tribunal could not consider this issue. In accordance with this decision the requirements of Spanish investors were rejected. They also had to pay court costs in favor of Russia, totaling about $2 million Investors were given the right to appeal the decision until February 15, which they did.
As previously reported by “Vedomosti”, the decision of the Swedish court of Appeal decided to use Russian lawyers, who are appealing the decision of the Hague court about collecting with Moscow’s $50 billion in favor of former Yukos shareholders. In their view, this verdict can be used as a precedent in favor of the fact that the Dutch court does not have the necessary powers for making its decision.
Thus in the Ministry of justice of Russia recognize that the decision of the Swedish court is not evidence in the proceedings in the district court of the Hague. Nevertheless, Moscow hopes that it will be taken into account.