The Hague’s arbitration court has ruled in favor of a group of shareholders in defunct oil giant Yukos against Russia, awarding compensation of around $50 billion, a source close to the ruling said on Monday.
The Permanent Court of Arbitration in the Hague is expected to announce later today that Russia must pay the compensation – half of the original $100 billion claim – to former shareholders in the company, once Russia’s largest oil producer, reuters.com reports.
The claim in the Hague was made by subsidiaries of Gibraltar-based Group Menatep, a company through which Mikhail Khodorkovsky, once Russia’s richest man, controlled Yukos. Group Menatep now exists as holding company GML and Khodorkovsky is no longer a shareholder in GML or Yukos.
