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Yukos Isn't Bankrupt in Holland
The court in Amsterdam ruled yesterday that Yukos bankruptcy contradicts the Netherlands’ legislation and declared unlawful the change of management at Yukos Finance B.V. The company’s new owner, Promneftstroy of Steven Lynch, will probably have to negotiate the assets’ destiny with Group MENATEP.
The court in Amsterdam ruled Wednesday that Yukos receiver Eduard Rebgun had no authority to dismiss Bruce Misamore and David Godfrey from their executive posts at Yukos Finance B.V., the Dutch subsidiary of Yukos, and to appoint his representatives to the offices.
In August 2006, Rebgun stripped of authority two directors of Yukos Finance, who stood for the former management of Yukos, and appointed Shmelkov and Hoogerbrugge instead of them. The dismissed went to the Amsterdam court and were upheld there yesterday.
“For me, this award is odious,” Rebgun said, “as my authority was recognized over the previous similar trial in Holland [in August of 2006]. The U.S. Federal Court in New York and London International Commercial Arbitration have also recognized my authority. I was acting strictly in line with Russia’s laws, on which basis the Arbitration declared Yukos bankrupt.”
The biggest assets of Yukos Finance are $1,492 million generated from the sale of 53.7 percent in Lithuanian Mazeikiu Nafta in 2006 and 49 percent in Slovakian Transpetrol. Yukos former managers that control Yukos Finance say the worth of its assets (including money) exceeds $2.7 billion. On August 15, Yukos Finance was sold to Promneftstroy for $308 million.
Three sources familiar with the award of the Amsterdam court said the latter ruled that Russia’s trial on tax claims to Yukos had been unfair and refused to recognize Yukos bankruptcy in Holland. Should the award take effect, the managers of Group MENATEP would be again in charge of Yukos Finance and Promneftstroy would have to agree on the company’s assets exactly with them.
So, Holland has become the first state in Europe that refused to recognize Yukos bankruptcy and the timing of this refusal is particularly vital. European Court of Human Rights in Strasbourg will soon set to trying the Yukos corporate case, which disputes validity of tax claims that ruined once Russia’s largest oil company.
www.kommersant.com
All the Article in Russian as of Nov. 01, 2007
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