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assessments; (iv) refused to simply accept any of Yukos’ gives to fulfill the tax statements with other belongings; and (v) refused to hold off or forego the auction on the voting shares of YNG even though Yukos had (pending a resolution of its authorized worries) by the point of your auction content The whole lot of its alleged year 2000 liability.

53. The Respondent’s argument is premised over the mistaken belief that the value of Claimant’s Yukos shares have to be based on reference to their stock marketplace cost. Less than suitable instances, an organization’s share price tag really should mirror the corporate’s net asset benefit and the market’s prediction as into the impact of foreseeable future activities on earnings. In cases like this, the market depressed the share value towards the end of 2004 to account for your Respondent’s menacing posture toward Yukos.

- the inclusion in Yukos’ receivership proceedings of the promises concerning Yukos’ unpaid tax liabilities.

three.8. Should the Get-togethers be presenting a witness or professional not testifying in English and thus demanding interpretation, They are really predicted to provide the interpreter Except if agreed or else.

(a) Claimant may perhaps post new documents in rebuttal to the new paperwork handed out by Respondent, with its Closing Statement within the hearing; and

Doc Ask for; Respondent to commence rolling production of documents in response to requests. not objected to.

Yet another hallmark with the Elliott Team is secrecy. During the existing case, secrecy has resulted in Claimant's refusal to support the majority of Respondent’s requests for documents, and its belated compliance With all the number of requests that Claimant has picked out to honor.

222. As an Original matter, a distinction have to be drawn in between Claimant’s proper and Claimant’s capability to offer the Yukos shares, The small remedy to the primary dilemma is that Claimant didn't - and knew that it didn't - have the correct to sell the Yukos shares although the Participation Agreements remained set up. Why else would Claimant have purportedly paid USS 3.five million in March 2007 to terminate the Participation Agreements if Claimant now had the right to offer the shares? 223. It is actually in almost any celebration apparent as being a authorized issue which the Participation Agreements conveyed a home fascination in rem within the Yukos shares to Elliott Global. Respondent’s demonstration that New York law would deal with the Participation Agreements as having transferred a house curiosity in the Yukos shares to Elliott Intercontinental stands unrebutted. Beneath the extended line of circumstances cited by Respondent, (at ¶twenty five R-II) the Participation Agreements effected a "real" sale with the Yukos shares these kinds of that, from the function of Claimant’s insolvency, Elliott International - and never Claimant’s individual bankruptcy estate - might have been entitled to receive Yukos’ dividends and also to exercise the rights of a shareholder, It follows being a matter of hornbook assets regulation that Claimant, obtaining bought the ownership with the Yukos shares to Elliott Worldwide, didn't have the right to show about and promote a similar shares to some other person. 224. At the hearing, Claimant for the first time instructed that a Ny court wouldn't browse into your Participation Agreements a prohibition on Claimant’s right to market the Yukos shares. This argument is meritless. Inasmuch because the Participation Agreements previously conveyed Everything of the financial fascination from the Yukos shares to Elliott Worldwide, there was no will need for the Participation Agreements to offer that Claimant couldn't promote exactly the same shares a 2nd time. Basically to condition Claimant’s argument would be to refute it. 225. Respondent clarified within the Listening to that a bona fide purchaser (for benefit) from Claimant could have acquired fantastic title for the Yukos shares, Despite the fact that Claimant was not the legal or financial owner from the shares. https://rosinvest.com This achievable result will not, nonetheless, say everything about Claimant’s rights being an proprietor of your shares, but in its place solutions to New York law’s solicitude for that rights of the innocent purchaser and motivation to market a liquid buying and selling market place in securities, untrammeled by defects within an upstream vendor’s title. This is obvious from The point that, below Big apple regulation, even a great faith purchaser for worth from the thief can obtain title.

368. Claimant’s assertion that the never described "legal rights" it held under the Participation Agreements had been "shares" and therefore an "expenditure" underneath the IPPA is rejected. Claimant had no economic curiosity and endured no reduction Along with the rise and fall with the Yukos share price tag. Claimant’s own financial information confirmed the alleged "expense" carried no value for Claimant until it appeared in 2007 being an asset subsequent termination of the Participation Agreements. Claimant acknowledged for the Hearing that an "expenditure" must have money worth (Tr. p. 104) but attempts in CPHB-I (at ¶48) to enlarge the this means in the phrase in order to exclude only "rights or pursuits inherently incapable of having economical worth". This is Opposite towards the everyday meaning of "asset". The situation Eureko v Poland (RLA-166) cited by Claimant proven than an "expenditure" need to be a thing "acquiring financial price". Claimant interest was not a bundle of legal rights, relatively it absolutely was a bundle of responsibilities. Claimant was incapable of sustaining personal injury. (¶¶26 - 30 RPHB-II) 369. Claimant cited the tribunal in Azurix v Argentina (RLA-181) to the proposition that lawful possession just isn't expected for treaty protection, having said that suppressed the passage in that award requiring a claimant to get experienced a money or other professional desire in the shares and, accordingly, to own endured a economic or financial decline. Claimant’s reliance on the tribunal’s results from the Veteran Petroleum (RLA-195) circumstance is equally misplaced. As opposed to this situation, claimant in Veteran Petroleum undeniably held useful possession every so often. The Russian legislation situation wasn't related to that circumstance, as it can be In this instance. (¶¶[31-34 RPHB-II) 370. Respondent details to using the phrase "asset" in Write-up 5 (Expropriation), The use of the term "asset" while in the definition of "investment decision" in Short article I of your IPPA should have implied term which the asset have worth. A valueless asset can not be expropriated. Respondent don't just cites the US Foreign Promises Settlement Fee and decisions decided below customary international legislation but will also has Formerly cited composed and oral pleadings on the interpretation of Posts one(1) and five of the UK-Czecho Slovakia Little bit in Nagel v, Czech Republic (RLA-114), which fully supports Respondent’s interpretation of Report 5 of your IPPA and likewise accurately emphasises that economical price will be the influence of The foundations of domestic regulation that develop rights and provides defense to them. (¶¶l35 -37 RPHB-II) Respondent’s argument supported by common Global law 371. Respondent additional argues that a plain that means interpretation with the Financial investment Definition is verified by customary Worldwide law policies relevant between the contracting functions.

2. Respondent 265. Respondent claims that the Denmark-Russia Little bit is excluded from implementing to the existing case as Article eleven(3) of that treaty presents: "The provisions of this Settlement shall not implement to taxation.". Respondent asserts that as a result all claims premised on Russian "taxation" need to be excluded. Claimant has manufactured no attempt to clearly show, a lot less to quantify, that it had been entirely or substantially deprived of its expense because of acts complained of, if any, other than taxation. On this foundation likewise, Claimant’s claim needs to be denied. (¶234 R-I) 266. In case the Tribunal considers this defence dependant on exclusion of taxation issues resulting from Write-up 11(3) with the Denmark-Russia BIT must be categorised as Yet another jurisdictional objection, Respondent promises which the Tribunal has authority and discretion underneath Article 22 in the 1999 Stockholm Arbitration Procedures to allow Respondent to amend its pleading. Claimant would not be prejudiced by this type of ruling because Claimant was not a helpful owner from the Yukos shares through pretty much the entire time period by which Russian "taxation" is alleged to get violated the IPPA. (Footnote 432 R-I) 267.

Незаконное выделение земли под точечную застройку пресекли во Владивостоке

239. At the Listening to, Claimant argued this letter constituted retaliation in opposition to Yukos for your "dilemma" created by Mr. Khodorkovsky’s "Talking up" towards the Russian Government by, publishing "a letter addressing the political scenario in Russia."

The Parties shall make the necessary logistical arrangements and reservations and shall share the respective charges. They shall take the mandatory measures and advise the Tribunal as soon as possible.

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