MOSCOW (Sputnik) – Promneftstroy bought Yukos Finance for the equivalent of $307 million at the time in the summer of 2007, a year after Yukos Capital and Glendale seized the now-defunct Yukos oil company’s assets.
“The Supreme Court judge ruled that creditors who find themselves in a situation such as Yukos Capital and Glendale, their claims may be directed against the party to which the goods are transferred,” the court said. “That is in the present instance Promneftstroy.”
The Supreme Court ruling, filling a loophole in Dutch law, indicates that litigation may continue, it explained.
“The disappearance of a legal entity does not mean that the creditor seized at the expense of those missing has no legal redress,” it added.
Russia’s oil company Rosneft bought about 80 percent of the company's assets, a move that shareholders termed illegal, after a Moscow court declared Yukos bankrupt in 2006.
A court in the Hague awarded three companies belonging to former Yukos co-owners some $50 billion in compensation from the Russian government. The court warned Moscow that debt could be recovered through the seizure of real estate.