“Cosmic connection” has achieved removal of arrest from its funds in France

FGUP “Space communication”, appeared in 2015, embroiled in a dispute the former shareholders of Yukos with the Russian Federation, have achieved removal of arrest from its assets in France, follows from the decision of the first President of the court of appeal of Paris (a copy is in). Wednesday, November 23, the President of the court decided that the French assets “Space communication” needs to be unlocked immediately.

We are talking about the money payable to the “Space communication” from the French satellite operator Eutelsat in the execution of commercial contracts. Under arrest are almost €400 million debt Eutelsat in the framework of various contracts, and around €80 million dividend (“Space communications” owns a three percent stake in Eutelsat). The funds were frozen at the request of the Cypriot Hulley Enterprises, one of the former shareholders of Yukos.

In April 2016, the Paris court recognized to the arrests, imposed in the summer of 2015, is unfounded, as assets of the FSUE are not assets of the Russian Federation. But the former shareholders of Yukos filed a notice of appeal, resulting in a cash amount remains frozen until the decision of the Paris court of appeal.

Today’s decision by the first President of the court of appeal means that the assets are subject to immediate defrosting, although Hulley could theoretically try to introduce re-arrest, said a source close to the “Space communication”. “It’s a question of speed,” he says.

In October 2016, “Roscosmos”, which was also arrested by the French assets in the framework of the Yukos case, has threatened the government of France that will appeal to international arbitration against France, if arrests will not be lifted. The “Roscosmos” blocked €300 million, which he owed to the company Arianespace for the Russian carrier rockets “Soyuz”.