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Question three.seven 212. Concerning the Participation Agreements, what is the relevance of The big apple legislation as the governing law, of Russian law and of international law, notably the IPPA, for the issues to be resolved by the Tribunal during the existing situation?

12. The united kingdom-Soviet BIT presents a treatment for these kinds of violations of a point out's obligations. Claimant must be compensated for its proportional share of the value of Yukos had the assets of Yukos not been unlawfully expropriated from the Russian Federation. [ ]"

Recognising that the promotion and reciprocal protection beneath Intercontinental agreement of these investments will likely be conducive for the stimulation of business initiative and will lead to the event of economic relations involving The 2 States;

3.nine The Parties are invited to remark in better depth on the backlink which has been alleged to exist in between the felony prosecutions of Mr. Khodorkovsky as well as reassessments on the taxes claimed to get because of from Yukos.

5. The Russian Federation’s expropriation of Yukos’ assets constitutes an expropriation of RoslnvestCo’s expenditure. RoslnvestCo should be compensated for this illegal expropriation in accordance With all the normal set forth within the Chorzow Factory situation, i.

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304. Claimant makes no separate claim determined by functions that occurred right after Claimant obtained beneficial possession in 2007. In any function, no assert of expropriation might be based mostly solely on such functions, considering the fact that by that date the Tax Assessments for every of A long time 2000-2003 (and afterwards decades) had been definitely upheld because of the Russian courts, YNG experienced previously been bought, Yukos had by now been formally declared bankrupt, and its remaining belongings have been in the whole process of remaining liquidated. «221 R-I) Contentions in Respondent’s Surreply R-II 305. In its Surreply (R-II) Respondent argues that Claimant was neither the authorized nor was it the financial owner with the Yukos shares right before 2007. Respondent also rebuts Claimant’s arguments that Respondent’s reliance on customary Intercontinental legislation is irrelevant. Claimant not the authorized proprietor 306. With regard to its claim that Claimant wasn't the lawful proprietor, Respondent argues that the legislation beneath which the Tribunal should Consider Claimant’s assertion that it's the authorized proprietor on the Yukos s har es is Russian legislation. Below applicable Russian regulation, CSFB was the authorized proprietor with the Yukos shares. Beneath Russian legislation, precisely the Federal Legislation "Around the Securities Current market" (RM-841 and RM-845), only folks shown (in so-named "depo-accounts") on the textbooks and documents of a accredited securities depository are legally recognised given that the entrepreneurs on the pertinent shares, and no other man or woman has any lawfully recognised rights as being a shareholder in relation to the business, (¶¶l -7R-TU 307. CSFB was registered with the depository as the holder from the Yukos shares and therefore was in any respect suitable moments the only real person with legal possession of the shares and so the one man or woman entitled to legal legal rights as being a shareholder in relation to the corporation for a subject of Russian legislation. (¶¶R-II) 308. Under the Russian Joint Inventory Providers Law, and verified with the Supreme Arbitrazh Courtroom (inside of a https://rosinvest.com case cited in RM-851), CSFB, because the legal proprietor from the shares, was the one human being entitled to receive notices of shareholders’ conferences, go to shareholders’ conferences also to vote the Yukos shares. CSFB is usually the only real person entitled to obtain dividends and also other distributions from Yukos. Accordingly, Claimant’s allegation that it "by yourself experienced the power to vote the shares also to obtain any dividends or residual funds on liquidation" (¶¶149 C-II) is unsupported and false.

The Respondent freely attributed to Yukos the revenues gained by Yukos’ trading providers, nonetheless it steadfastly refused to provide Yukos the advantage of the paperwork submitted by those same companies. These two positions are only reconcilable In the event the Respondent’s accurate objective was to demolish Yukos.

It is possible to distil from these kinds of rules — or alternatively recommendations for evaluating the tax and balancing the factors for and in opposition to its expropriatory character — a program of presumptions (involving load of evidence and legal persuasion). As ‘purple flags' connect by themselves into a tax measure, the stress of evidence and legal persuasion is around the taxing point out to point out which the measure isn't discriminatory, has legitimate explanations, and is not intended to hurt foreign traders and execute expropriation in legallycamouflaged strategies"

fifty four. The Respondent also argues that Claimant has not revealed that it was deprived of any "fundamental ownership legal rights " in its expense. If the Respondent is correct that "the appointment of a receiver to liquidate a business or other house constitutes an expropriation if it does not constitute a legitimate training on the Point out’s regulatory ability," then the Respondent’s appointment of the https://rosinvest.com receiver on four August 2006 also deprived Claimant of essential ownership legal rights in its investment on that date.

This PO places on record the outcomes in the current e-mail consultations and settlement amongst the Events along with the Tribunal with regards to modifications from the Timetable of PO-2.

Claimant’s ex put up method of damages is contrary to financial truth as well as prevalent perception, and rather then returning Claimant to its position had there been no alleged treaty violations, would end in an infinite and unwarranted windfall for Claimant.