Why Russia’s one time richest man won’t see a penny of the $50 billion Russian President Vladimir Putin 'destroyed' by DavidGDawkins
at the hands of Russia’s ruling powers took another twist yesterday after The Hague Court of Appeal reinstated the order forcing Russia to compensate the majority shareholders of oil giant Yukos to the tune of $50 billion.The man at the center of the court battle is Mikhail Khodorkovsky, once worth $15 billion and ranked No. 15 in the world before his country turned against him and he lost almost everything.
A spokesman for Khodorkovsky had no comment other than to emphasize that he is not a party to the court proceedings and does not have standing to financially benefit from the award.Fifteen years in the making, the reinstating of the Hague’s Arbitral Tribunal decision from 2014 marks the world’s largest arbitration award to date.
With the 2014 decision now reinstated, a spokesperson for the majority shareholders of Yukos described it today as “a victory for the rule of law,” adding that, “A brutal kleptocracy has been held to account.”that the group now plans to “enforce” the $50 billion award, hoping for support from the 160 national signatories around the world that have signed the New York Convention, and who provide “international recognition of arbitral awards.
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