7 January 2011
The Dutch Supreme Court ruled in favour of Yukos International, a unit of defunct Russian oil major Yukos, on Friday in a dispute with Russia's Promneftstroy over proceeds of $1.2 billion from an oil refinery sale.
The ruling is one of several court cases that surviving foreign units of Yukos have filed to recoup money. The Russian authorities dissolved the oil company in 2007 after hounding the company for massive back-tax claims.
Yukos Intl sold the refinery in 2006. Promneftstroy said that it was entitled to the proceeds after it bought Dutch entity Yukos Finance, the parent company of Yukos Intl, the court said in a statement.
The Supreme Court on Friday annulled an order by the lower Dutch courts, which had frozen the disputed funds at the request of Promneftstroy.
The Netherlands' highest court said that Dutch-incorporated Yukos Intl was entitled to the $1.2 billion in sale proceeds because Dutch courts ruled in 2007 and October this year that the Russian bankruptcy declaration of Yukos could not be recognised in the Netherlands.