Ruling to invalidate former YUKOS subsidiary's loan contracts not to be reconsidered
MOSCOW, August 1 (RAPSI) - The Supreme Commercial Court of the Russian Federation has upheld a previous court ruling quashing four Yukos Capital S.a.r.l. agreements on providing Yuganskneftegaz $340 million in loans, the court told RAPSI on Thursday.
The court has thus rejected the Luxembourgian company's request to review the judgment.
On June 28, the Moscow Commercial Court upheld IK Vesta's lawsuit to invalidate the contracts. IK Vesta is a Rosneft shareholder to which Yuganskneftegaz was joined after YUKOS went bankrupt.
Yukos Capital S.a.r.l. and Rosneft were the defendants in the case. On October 15, the Ninth Commercial Court of Appeals upheld the first-instance court's ruling. Later the Moscow District Federal Commercial Court dismissed the cassation appeal against the ruling.The applicant requested to cancel the judicial acts. Vesta maintained that the loans were issued in breach of legislation.
Yukos Capital S.a.r.l. argued that the plaintiff has failed to prove its right to sue because its shareholding was insufficient, and it had to state which of its rights and interests were infringed by the disputed transactions, but not claim that its rights could be violated in the future.
The lawsuit was submitted in 2007. Its consideration was later suspended until the criminal case ended against former YUKOS head Mikhail Khodorkovsky and his business partner Platon Lebedev.
A Moscow district court sentenced both men to 14 years in prison for oil theft and money laundering in 2010. They were set to be released in 2017, considering the time they had already served for their convictions from their first trial in 2005.
However, on May 24, the Moscow City Court reduced their sentences by one year and now they are expected to be released in 2016.
The Supreme Commercial Court held that the previous decisions were justified.