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Even assuming quod non that this Tribunal has jurisdiction over Claimant’s declare, there was no expropriation for which Claimant could Recuperate. Being an Original make a difference, Claimant by itself expressly disclaims an expropriation on the Yukos shares. Claimant rather seeks, depending on a misreading of Post 5(2) of the united kingdom-Soviet BIT, to Recuperate for the alleged expropriation with the property of Yukos alone But Report 5(two), in offering that "the provisions of paragraph (one) of this information shall use, " would not make it possible for a shareholder to recover for that getting from the belongings of a business where it's invested, but relatively simply creates standing for a shareholder to claim an expropriation of its own shareholding as a result of the expropriation from the property of a local organization.

Госдума надеется на ускорение и удешевление инфраструктурных строек благодаря закону об ОПИ

(In fact, if a thief is described to include a person who sells somebody else’s house, then Claimant would've been acting as being a thief had Claimant sold the Yukos shares to a bona fide purchaser for value,) 226. Respondent submits that a sale of house in violation from the rights of your lawful operator cannot remodel an unauthorized seller into a shielded investor. If Claimant was not or else a guarded investor - and Claimant was not - then Claimant did not turn into a secured Trader just for the reason that Claimant’s bona fide purchaser might have been able to obtain good title to the Yukos shares had Claimant compounded its wrongdoing, and failed to disclose that it wasn't the owner of All those shares. It can not be the situation either which the violation of ! a party’s house rights may give increase to treaty legal rights or the passions of the thief are to be most well-liked about Those people of the "straightforward" vendor who informs his purchaser that he is not the owner with the house remaining marketed, and as end result cannot deliver good title. Query three.9 227. The Parties are invited to remark in higher element about the website link which has been alleged to exist involving the criminal prosecutions of Mr. Khodorkovsky as well as reassessments in the taxes claimed to generally be owing from Yukos. Claimaint (¶ 135 CPHB-I) 228. Russian authorities arrested Mr, Khodorkovsky on 25 October 2003 on charges mostly stemming through the 1994 privatization of Apatit (a firm unrelated to Yukos), Though the overall Prosecutor’s Workplace with the Russian Federation had concluded that there have been "no grounds for it to choose motion." (CM-423) Six months later on, in December 2003, tax authorities commenced the re-audit of Yukos that reversed the conclusions of their previously audit and assessed billions of bucks of tax statements. The Audit Report in the December 2003 re-audit expressly referred to the felony prosecution of Yukos executives as a foundation for rebutting the presumption of excellent faith to which Russian taxpayers are entitled. (CM-60 at fourteen) 229. The six April 2004 letter with the Deputy Minister of Taxes and Levies of the Russian Federation to Yukos again expressly linked the tax assessments in opposition to Yukos to Mr. Khodorkovsky, this time with reference to his political writings. Taken along with the various departures from proven Russian law that enabled the expropriation and renationalisation of Yukos’ property, these facts suggest that the strategic goal of returning petroleum belongings into the control of the Russian State was carefully associated with an exertion to suppress a political opponent.

3.8. Really should the Events be presenting a witness or skilled not testifying in English and thus necessitating interpretation, They're predicted to provide the interpreter Unless of course agreed or else.

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Claimaint (¶ one hundred thirty five CPHB-I) 221. Claimant refers the Tribunal to its respond to to this problem as expressed in closing arguments. The Respondent’s argument relies, for assistance, on 3 conditions which might be inapplicable for the context prior to this Tribunal. The Respondent’s Key assist for your proposition that rights cannot be assigned When they are "inextricably bound up with a celebration’s obligations" entails a agreement for private providers from 1920; private solutions are significantly afield through the context presented in this article. The Respondent’s remaining scenarios concern the doctrine of adequate assurance - a doctrine limited to contexts involving the sale of products plus a limited "variety of extended-term industrial agreement among company entities [like a 25 year agreement for that sale of electrical energy], that's complicated and not reasonably susceptible of all security features remaining predicted, bargained for and integrated in the initial agreement." As the Claimant demonstrated all through closing argument, the Participation Agreements left RosInvestCo’s capability to sell the shares unimpeded, and RosInvestCo could without a doubt have experienced very good rationale to offer the shares if their price had instantly risen. New York legislation won't examine implied tenns into in any other case comprehensive agreements (the cases Reiss v. Monetary Functionality Corp. (CLA-ninety eight), Vermont Teddy Bear Co. v. 538 Madison Realty Co. (CLA-ninety nine)), and no this kind of term would in any celebration are actually required in these agreements. If the Claimant experienced bought the shares, the lawful consequence beneath the Participation Agreements would have been that RosInvestCo would have compensated the proceeds from the sale, minus costs, to Elliott Worldwide,

This kind of compensation shall sum to the worth from the financial investment expropriated promptly prior to the expropriation or impending expropriation became community information. The payment shall be paid without delay, be freely transferable and shall consist of desire at the traditional professional fee. established with a market place foundation with the date of expropriation right up until the date of payment,

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3.7. A transcript shall be made of the Listening to and despatched towards the Get-togethers plus the Arbitrators. The Parties, who shall share the respective expenditures, shall attempt to concur on and make the mandatory preparations In this particular regard and shall inform the Tribunal accordingly ahead of the time set for your Pre-Hearing Meeting.

Participation Agreements - Right to market the shares 376. Respondent reiterates in RPHB-II that Claimant didn't keep a "shielded investment decision" when it comes to the IPPA Which Claimant’s situation which the Participation Agreements transferred to Elliott Intercontinental only "contractual" and "financial legal rights" is Incorrect for at least three related factors. To start with the only real possession rights Claimant had ended up contractual in origin. These legal rights could in idea give increase to in rem legal rights, however Claimant transferred all its Yukos linked legal rights underneath the Participation Agreements. 2nd, Claimant did no transfer to Elliott Global something other than The whole thing of its curiosity while in the Yukos shares. Claimant transferred the entirety of its desire (and retained no legal rights whatsoever) in relation towards the Yukos shares. Consequently, prior to March 2007, Elliott Worldwide was the one proprietor of the Yukos shares and Claimant was a mere selection agent without more rights than an uncompensated custodian. Third, The reality that the Participation Agreements may have constituted independent securities for functions from the US securities rules doesn't mean the Participation Agreements didn't also transfer all of Claimant’s curiosity within the Yukos shares. (¶¶ten - 14 RPHB-II) 377. Claimant’s argument that nothing at all while in the Participation Agreements or in Ny legislation prevented it from advertising or pledging the shares is fundamentally Erroneous. Claimant transferred a hundred% of its fascination to Elliott, agreed never to just take any action aside from in accordance with Elliott Global’s Guidance and exercise care in regard of the shares just as if it had been the effective owner. It truly is abundantly clear to be a issue of Big apple law that Claimant didn't have the proper to offer or pledge the Yukos shares for As long as the Participation Agreements remained in impact. The essential appropriate of possession - to transfer assets - was Elliott Global’s appropriate. This was unaffected by its settlement not to workout its suitable to transfer with no RosInvestCo’s consent. (¶¶15 - sixteen RPHB-Ii) 378.

50. The Respondent very first contends that Claimant was not deprived of the full or sizeable price of its expense since the YNG auction "occurred lengthy just before Claimant obtained an economic desire in the Yukos shares, in March 2007, and long ahead of the United kingdom-Soviet Little bit could are getting to be relevant to Claimant along with the Yukos shares.

Though the auction of a lot of Yukos’ shareholding in OAO Yuganskneftegaz ("YNG’’)—the centerpiece of Claimant’s assert—befell a couple of days immediately after Claimant’s December 2004 invest in of Yukos shares, most of the Russian Governing administration’s conclusions concerning that auction experienced Also been taken beforehand, and have been thus also faits accomplis.

Respondent has Earlier mentioned that not a soul has the correct to provide home that belongs to some other person. Claimant pledged the shares to protected borrowings from CSFB. Respondent contends this happened as Claimant didn't inform CSFB from the existence on the Participation Agreements and Claimant’s silence on this place compounds the fraud perpetrated at the time on CSFB. Claimant concedes in CPHB-I that even its supposed proper to sell the Yukos shares did not signify an financial desire while in the shares since, during the occasion of a sale, ' Claimant might have been obligated to move on the web gross sales proceeds to Elliott Worldwide, Consequently confirming that Claimant was absolutely nothing in excess of an uncompensated selection agent. Claimant’s ; concession has essential repercussions likewise for its meant ideal to pledge the shares. As Claimant experienced no ideal to keep any of The online profits proceeds, (a) Claimant did not have the correct to pledge the product sales proceeds as collateral to get a loan (and Claimant’s pledge of your shares was Consequently in breach of both equally Ny law and the Participation Agreements) and (b) it is totally implausible that CSFB would ever have knowingly acknowledged collateral for a personal loan owning no sector price while in the fingers from the borrower. (¶17-18 RPHB-I) 379. Claimant also argues that it was the proprietor of the Yukos shares by virtue of your "account facts" taken care of by CSFB. CSFB’s account statements are in no way valuable to Claimant’s case. A broker’s assertion of account by definition shows the security positions held by the broker for the advantage of the broker’s client. CSFB’s account statement Consequently offers additional support for Respondent’s place that CSFB (instead of Claimant) was the authorized operator on the shares. The reality that, insofar as CSFB was involved, the shares ended up nonetheless staying held for the good thing about its shopper totally misses the point that Claimant was then alone nothing over an uncompensated custodian. A custodian’s custodian will not be a protected "investor." (¶¶19 RPHB-I) 3. Tribunal 380. Without the need of repeating the contents, the Tribunal will take individual note of the following paperwork on file; Social gathering Submissions: