Court cancelled $476.28 million penalty of "YUKOS"
Federal arbitrage court of Moscow region cancelled resolution about "YUKOS" penalty, which is $476.28 millions, in favour of foreign banks syndicate.
Federal arbitrage court of Moscow region cancelled resolution about "YUKOS" penalty, which is $476.28 millions, in favour of foreign banks syndicate.
Therefore, court allowed appeal of "YUKOS". Case was directed for new examination to Arbitrage court of Moscow.
In June 2005 Supreme court of justice allowed claim of 14 creditors about $483 millions penalty from "YUKOS". This sum is the remains of credit in amount $1 milliard which was issued to company in 2003 by syndicate of banks, including Societe General, Citybank, Commerzbank, Credit Lyonnais, Deutsche Bank AG, HSBC, ING.
Because of financial problems, oil company couldn`t pay debt and banks appealed to court.
Arbitrage court of Moscow supported decision of London court, reducing amount of debt by $6.72 millions.