Yukos shareholders would seek to Rob Russia of property in India

The former owners of YUKOS oil company seeking sanctions from Russia $50 billion by the decision of an international Tribunal in the Hague, will first go after the Russian assets in Asia. They filed a motion for recognition and enforcement of the Hague arbitration award in India, today reported the newspaper the Moscow Times and confirmed the representative of the former shareholders.

“Rest assured, we go not because we love India. We believe that there are substantial assets [in Russia]”, — told the publication Director of Gibraltar GML (representing former shareholders of Yukos) Tim Osborn. The representative of the GML Graham Ackerman confirmed that the trial started in India, but declined to comment further. “The process is going in the near future will be a hearing in the Indian court,” he said.

awaiting comment from the press service of the Ministry of justice.

India is the seventh country, where former Yukos shareholders seeking recognition and enforcement of Hague decisions at $50 billion, followed by Belgium, France, Germany, great Britain, USA and the Netherlands. In France and Belgium the local law allowed the shareholders to immediately arrest the Russian assets, but to collect them is not yet possible. “There goes a protracted positional struggle,” — said in February the Minister of justice Alexander Konovalov. Yesterday, the “Roscosmos” has announced its victory in a French court case about the seizure of money owed Roskosmos Arianespace from the company.

Osborne said that the former shareholders are seeking assets in Russia and India intend to recover them, once a local court recognizes the decision of the Hague arbitration.

In India, the Russian Federation has assets: for example, the government owns through the Federal property management Agency acquires a 17.14% stake in Indian mobile operator Sistema Shyam TeleServices (SSTL), controlled by Sistema. The press service of the Federal Agency wrote that the disputes with the former shareholders of Yukos are not relevant to its competence. In addition, as reported, in new Delhi, there are at least three buildings, which were procured by the FSUE “Goszagransobstvennost”, head of the Russian property abroad.

The property of the state on the territory of other States, usually protected by sovereign immunity, and foreclosure is only possible if it is proved commercial use of such property.