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The Respondent’s arguments to the contrary rely on legal authorities from the sphere of diplomatic defense, not bilateral expense treaties. [ ] established that Rosneft, as being the successor in curiosity to YNG, had breached its obligation to repay particular bank loan agreements amongst YNG and also the offshore Yukos entity. The Russian courts had annulled the awards, although the Amsterdam Court docket of Appeal enforced them, expressly rejecting the argument which the personal loan agreements had been Portion of an illegal tax construction put in position because of the Yukos team.
53. The Respondent’s argument is premised around the mistaken belief that the value of Claimant’s Yukos shares have to be based on reference to their stock marketplace price. Beneath great conditions, a corporation’s share price tag should really reflect the business’s Web asset benefit and the marketplace’s prediction as on the impact of long term activities on earnings. In such cases, the marketplace frustrated the share value toward the end of 2004 to account for that Respondent’s menacing posture towards Yukos.
12. The united kingdom-Soviet BIT supplies a treatment for these kinds of violations of a condition's obligations. Claimant ought to be compensated for its proportional share of the value of Yukos experienced the belongings of Yukos not been unlawfully expropriated via the Russian Federation. [ ]"
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one.three. Apart from the agreed documents handed out through the Listening to, no new files shall be hooked up to your Post-Hearing Briefs unless expressly approved beforehand through the Tribunal.
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304. Claimant will make no independent claim based on functions that happened following Claimant obtained valuable ownership in 2007. In any party, no assert of expropriation might be primarily based only on these functions, because by that day the Tax Assessments for each of Several years 2000-2003 (and later many years) were certainly upheld with the Russian courts, YNG had previously been marketed, Yukos had previously been formally declared bankrupt, and its remaining property ended up in the process of becoming liquidated. «221 R-I) Contentions in Respondent’s Surreply R-II 305. In its Surreply (R-II) Respondent argues that Claimant was neither the lawful nor was it the economic operator with the Yukos shares right before 2007. Respondent also rebuts Claimant’s arguments that Respondent’s reliance on customary international law is irrelevant. Claimant not the lawful operator 306. Regarding its declare that Claimant was not the lawful operator, Respondent argues that the law under which the Tribunal must evaluate Claimant’s assertion that it is the lawful owner from the Yukos s har es is Russian legislation. Beneath relevant Russian legislation, CSFB was the legal owner of your Yukos shares. Below Russian law, specially the Federal Legislation "About the Securities Market place" (RM-841 and RM-845), only persons stated (in so-identified as "depo-accounts") within the books and records of the licensed securities depository are lawfully recognised since the owners with the suitable shares, and no other particular person has any legally recognised rights to be a shareholder in relation to the corporation, (¶¶l -7R-TU 307. CSFB was registered With all the depository given that the holder in the Yukos shares and as a consequence was in any way relevant moments the only particular person with lawful possession in the shares and as a consequence the only real human being entitled to legal legal rights to be a shareholder in relation to the organization being a subject of Russian regulation. (¶¶R-II) 308. Under the Russian Joint Inventory Companies Law, and verified by the Supreme Arbitrazh Court (inside of a case cited in RM-851), CSFB, since the lawful owner from the shares, was the only human being entitled to get notices of shareholders’ meetings, attend shareholders’ meetings and also to vote the Yukos shares. CSFB can also be the one individual entitled to receive dividends along with other distributions from Yukos. Accordingly, Claimant’s allegation that it "by yourself experienced the power to vote the shares and to acquire any dividends or residual funds on liquidation" (¶¶149 C-II) is unsupported and Wrong.
2. Respondent 265. Respondent claims which the Denmark-Russia Little bit is excluded from making use of on the present scenario as Report 11(three) of that treaty offers: "The provisions of the Settlement shall not use to taxation.". Respondent asserts that consequently all claims premised on Russian "taxation" needs to be excluded. Claimant has produced no attempt to clearly show, a lot less to quantify, that it had been fully or significantly deprived of its investment decision as a result of functions complained of, if any, other than taxation. On this foundation as well, Claimant’s assert needs to be denied. (¶234 R-I) 266. In the event that the Tribunal considers this defence based upon exclusion of taxation matters due to Post eleven(3) of your Denmark-Russia BIT should be categorised as One more jurisdictional objection, Respondent promises that the Tribunal has authority and discretion underneath Write-up 22 of your 1999 Stockholm Arbitration Principles to permit Respondent to amend its pleading. Claimant would not be prejudiced by this kind of ruling due to the https://rosinvest.com fact Claimant was not a beneficial proprietor of the Yukos shares during practically the entire period during which Russian "taxation" is alleged to possess violated the IPPA. (Footnote 432 R-I) 267.
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(one) Every single Contracting Social gathering shall endorse in its territory investments by buyers of one other Contracting Party, generate favourable conditions for them and confess these types of investments in accordance with its laws.
fifty two. When Claimant produced its expense, Yukos was a completely working company. All of its belongings remained in its possession and its small business functions had been ongoing. By https://rosinvest.com fifteen August 2007, the Respondent experienced taken all of Yukos’ assets. The pressured sale of an organization’s https://rosinvest.com belongings beneath the pretext of tax enforcement constitutes an unlawful expropriation. There may be no dispute the having of Yukos’ property experienced the impact of expropriating Claimant’s shareholding in Yukos, because the Respondent’s steps remaining Claimant the operator of shares within an vacant shell.
three.ten With out prejudice to any potential conclusion with the Tribunal, in case the Tribunal makes an award of compensation, Exactly what are the ultimate positions of your Events regarding intent on such payment?