Russia's Argument on Fraud by Ex-Yukos Shareholders Wrongly Dismissed, Dutch Supreme Court Says

MOSCOW (Sputnik) - The Dutch Supreme Court ruled that the Amsterdam Court of Appeal wrongly dismissed Russia's argument that former shareholders of the now-defunct oil company Yukos committed fraud, and stressed that the argument should have been judged with respect to content.

"The Russian Federation's argument that the shareholders have committed fraud in the arbitral proceedings has been wrongly dismissed by the Court of Appeal on procedural grounds and should have been judged with respect to content," the Dutch Supreme Court said in a statement on Friday.

Back in 2014, the arbitration court ruled to award Yukos shareholders $50 billion in compensation over the company's breakup. But the district court of the Hague overturned the decision in April 2016. Last February, however, the Hague Court of Appeal again sided with the shareholders. With an account for penalties, the amount increased to $57 billion, Russia said.

Russian officials said that the court of the appeal had overlooked multiple instances of the plaintiffs breaking anti-corruption laws. According to the Justice Ministry, the former shareholders obtained the company's assets via conspiring, organising fictional auctions, and bribing officials, the ministry said.