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" The subsequent pressured individual bankruptcy, seizures of Yukos’ remaining belongings, along with the ’ sale of Individuals belongings at auction over the system of 2007 accomplished the expropriation. In the event the dust settled, the Russian Federation experienced bankrupted and liquidated Yukos, and condition- j owned Rosneft was in possession of practically all of Yukos’ oil generating belongings. As President Putin himself set it Soon once the YNG auction:

"В рамках реализации девелоперского проекта инвестор проведет ремонт памятника "Поднимающий знамя", стоящего около здания бывшего кинотеатра "Брест" на Ярцевской ...

Станцию столичного метро "Бачуринская" достроят в этом году

Any steps that occurred thereafter didn't issue a practical organization and worthwhile property to get expropriated. The expropriation Claimant alleges thus occurred, if ever, just before Claimant very first acquired even an arguably guarded interest, and, Claimant’s new idea notwithstanding, the same asset may not be expropriated twice.

b. Respondent has recognized that Russian law determines the connection between a Russian firm and its shareholders.

Территория музея-заповедника обширна, поэтому работы по обновлению пройдут в три этапа, к первому из которых приступят в этом году.

b. Gain taxes: The Tribunal considers that the authorized landscape in impact in the course of the period wherein Yukos claimed the tax Rewards through the Very low Tax Locations was outlined by ambiguous legislation which Yukos Obviously accustomed to its edge. However, the subsequent re-software of amorphous principles of "good religion" and "proportionality" with fluid amounts of financial investment to generally be produced inside the Reduced Tax Regions are a j weak defence by Respondent provided the scale of the tax assessed in the re-evaluation audits starting in December 2003 and Yukos’ openness in taking advantage of that tax routine once the Original audits were performed in addition to have been versus bona fide and discriminatory in watch in the therapy of other comparable firms working with very similar techniques to stay away from taxes.

"Первые кредитные средства будут направлены в текущем квартале.

Офисный квартал появится на юго-западе Москвы у метро "Калужская"

• The Russian Federation has failed to rebut the evidence that the gain tax approaches utilized by Yukos had been lawful throughout the a long time in query and the Russian government was well aware about Yukos’ usage of People techniques from prior audits of Yukos and. with the investing firms managed by Yukos.

Participation Agreements - Suitable to promote the shares 376. Respondent reiterates in RPHB-II that Claimant didn't hold a "secured expenditure" with regards to the IPPA Which Claimant’s place the Participation Agreements transferred to Elliott Intercontinental only "contractual" and "economic rights" is Erroneous for at least three linked explanations. Firstly the sole ownership rights Claimant had have been contractual in origin. These legal rights could in idea give increase to in rem rights, however Claimant transferred all its Yukos similar rights underneath the Participation Agreements. Next, Claimant did no transfer to Elliott Global anything aside from Everything of its desire inside the Yukos shares. Claimant transferred The whole lot of its curiosity (and retained no legal rights in any way) in relation on the Yukos shares. Subsequently, ahead of March 2007, Elliott Worldwide was the only proprietor of your Yukos shares and Claimant was a mere selection agent without having more rights than an uncompensated custodian. Third, The point that the Participation Agreements could possibly have constituted individual securities for uses of your US securities regulations isn't going to necessarily mean which the Participation Agreements did not also transfer all of Claimant’s curiosity from the Yukos shares. (¶¶ten - 14 RPHB-II) 377. Claimant’s argument that nothing at all during the Participation Agreements or in Big apple regulation prevented it from promoting or pledging the shares is basically Incorrect. Claimant transferred 100% of its desire to Elliott, agreed not to choose any action apart from in accordance with Elliott Global’s Recommendations and workout care in respect in the shares as https://rosinvest.com if it ended up the beneficial owner. It's abundantly crystal clear as being a matter of Ny law that Claimant did not have the proper to provide or pledge the Yukos shares for so long as the Participation Agreements remained in influence. The necessary appropriate of possession - to transfer property - was Elliott Global’s ideal. This was unaffected by its arrangement never to physical exercise its appropriate to transfer without RosInvestCo’s consent. (¶¶15 - sixteen RPHB-Ii) 378.

To leave no doubt the expropriation from the belongings of a business also constitutes expropriation of an investment in shares in this kind of firm, Short article five(2) from the IPPA expressly confirms which the typical of protection in Short article 5(one) applies: "The place a Contracting Social gathering expropriates the assets of a company or organization and that is incorporated or constituted under the legislation in power in almost any A part of its very own territory, and in which traders of the other Contracting Occasion Possess a shareholding, the provisions of paragraph (one) of this post shall apply."

7 million. In the choice, Respondent need to be ordered to pay for payment equivalent to the worth that investment decision would have experienced within the day of the award;

Quite a few outcomes comply with from this point out of affairs, which serially and collectively mandate the dismissal of Claimant’s declare.