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The Respondent’s arguments to the contrary depend upon lawful authorities from the field of diplomatic security, not bilateral financial commitment treaties. [ ] verified that Rosneft, as the successor in interest to YNG, had breached its obligation to repay particular financial loan agreements in between YNG and the offshore Yukos entity. The Russian courts had annulled the awards, however the Amsterdam Courtroom of Enchantment enforced them, expressly rejecting the argument which the personal loan agreements had been A part of an illegal tax construction set set up because of the Yukos team.

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5. At some time that Claimant made its purchases, Yukos shares were investing at prices nicely beneath their historic highs, thanks in large part to the menacing tone that were taken toward Yukos by the Government with the Russian Federation. By ' the autumn of 2004, the CEO and various best supervisors of Yukos had been arrested and ended up staying detained on numerous rates, plus the tax authorities in the Russian Federation had begun to j assert huge promises for again taxes in opposition to Yukos likely back again on the 12 months 2000.

b. On the flip side, the Tribunal notes its prior conclusion on jurisdiction which authorized the importing of your broader consent to arbitration clause in Posting 8 of your Denmark-Russia Little bit.

hearing; and (2) a chronological list of all displays with indications where by the respective files

Simultaneously, Yukos promoted two personal pipelines that may have undermined the Transneft state monopoly more than the infrastructure for exporting oil from Russia. In addition, by intending to market a the vast majority stake in by itself to ExxonMobil, Yukos threatened to put a significant part of the Russian Federation’s oil reserves underneath international Manage.

b. Earnings taxes: The Tribunal considers that the legal landscape in impact in the course of the time period through which Yukos claimed the tax Gains through the Lower Tax Areas was defined by ambiguous legislation which Yukos Evidently used to its edge. Even so, the following re-software of amorphous ideas of "very good religion" and "proportionality" with fluid amounts of financial commitment for being designed from the Lower Tax Regions absolutely are a j weak defence by Respondent presented the scale of your tax assessed in the re-evaluation audits commencing in December 2003 and Yukos’ openness in Making the most of that tax regime once the initial audits had been conducted in addition to had been against bona fide and discriminatory in view from the procedure of other similar corporations employing similar strategies to stay away from taxes.

Claimant could then have experienced no sensible expectation that Yukos would have emerged from liquidation as being a feasible financial company. Unquestionably, Claimant hasn't generated — despite recurring requests4 - a single doc memorializing The explanations for its meant "expenditure" during the Yukos shares on March 27, 2007, the extremely day on which the initial of Yukos’ personal bankruptcy auctions was held

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Participation Agreements - Proper to sell the shares 376. Respondent reiterates in RPHB-II that Claimant didn't keep a "shielded expense" with regards to the IPPA Which Claimant’s situation the Participation Agreements transferred to Elliott Worldwide only "contractual" and "financial legal rights" is Improper for at least three connected motives. Firstly the only real ownership legal rights Claimant had were contractual in origin. These rights could in theory give rise to in rem rights, however Claimant transferred all its Yukos linked rights underneath the Participation Agreements. Next, Claimant did no transfer to Elliott Intercontinental anything other than The whole thing of its interest from the Yukos shares. Claimant transferred The whole thing of its curiosity (and retained no legal rights in any respect) in relation for the Yukos shares. Consequently, ahead of March 2007, Elliott International was the only operator with the Yukos shares and Claimant was a mere collection agent without any a lot more rights than an uncompensated custodian. Third, The reality that the Participation Agreements could have constituted different securities for purposes of your US securities regulations does not mean that the Participation Agreements didn't also transfer all https://rosinvest.com of Claimant’s fascination during the Yukos shares. (¶¶ten - 14 RPHB-II) 377. Claimant’s argument that almost nothing while in the Participation Agreements or in Big apple law prevented it from offering or pledging the shares is essentially Erroneous. Claimant transferred one hundred% of its fascination to Elliott, agreed to not choose any action other than in accordance with Elliott Global’s Guidelines and work out care in respect on the shares as though it ended up the helpful proprietor. It is actually abundantly crystal clear as being a make a difference of Ny regulation that Claimant did not have the appropriate to offer or pledge the Yukos shares for so long as the Participation Agreements remained in result. The essential right of possession - to transfer home - was Elliott Intercontinental’s ideal. This was unaffected by its agreement not to physical exercise its suitable https://rosinvest.com to transfer devoid of RosInvestCo’s consent. (¶¶15 - sixteen RPHB-Ii) 378.

The only real plausible clarification for Claimant’s termination of Elliott Global’s economic desire within the Yukos shares inside the midst of Yukos’ ongoing liquidation was the Elliott Team’s want to make use of the rights thought to be offered underneath the United kingdom-Soviet Little bit - rights that Obviously wouldn't happen to be available to Elliott International, a Cayman Islands firm. In the absence of the authentic expectation https://rosinvest.com of realizing a return with the financial activity of the heading worry, even Claimant’s 2007 acquisition of an economic desire from the Yukos shares didn't represent an "financial commitment" in the which means of Report 1 (a) of the united kingdom-Soviet BIT.

319. Respondent argues that the main reason for denying holders of nominal passions standing to carry international statements beneath the rules of diplomatic defense is Similarly legitimate in Worldwide investment decision legislation. A nominal desire lacks "a real curiosity in the topic home" and thus doesn't deserve protection. A nominal proprietor is neither economically harmed by violations of investment decision treaty protections nor will it economically get pleasure from the payment of compensation for this kind of violations.

The Tribunal should reject this argument, because the Tribunal is entitled to consider occasions that preceded Claimant’s financial commitment to ascertain the context on the expropriation and as proof with the Respondent's genuine purpose. [ J