Group MENATEP won twice in the battle for remainder of YUKOS money. In September, the International Commercial Arbitration of the RF Chamber of Commerce and Industry ruled to charge from Rosneft-controlled Yuganskneftegaz more than $490 million in favor of Yukos Capital S.a.r.l. as credit indebtedness. In December, the Amsterdam Court froze the money due to Rosneft from selling Mazeikiu Nafta as security under the action of Yukos Capital.
According to the Q4’06 report of Rosneft, Yukos Capital S.a.r.l. filed four suits against Yuganskneftegaz to the International Commercial Arbitration of the RF Chamber of Commerce and Industry, blaming on it violation of obligations under four long-term ruble loans worth around 11.233 billion rubles on aggregate (around $430 million) that had been granted by Yukos Capital.
The loans yielded 9 percent on year and were to mature in 2007. But Yukos Capital demanded the early redemption and was upheld in the court. On September 19, the International Commercial Arbitration of the RF Chamber of Commerce and Industry ruled to collect the amount from Yuganskneftegaz together with 1.703 billion rubles as interest and $857,500 as arbitration fees (around $494 million overall).
At request of Yukos Capital, the Amsterdam Court froze December 19 the assets due to Rosneft under the court enforcement action in the Netherlands. The Amsterdam Court controls distribution of money generated from the sale of Lithuanian Mazeikiu Nafta (MN) that had been owned by Yukos International. MN was sold to Polish PKN Orlen for $1.492 billion past December.
According to the Q4’06 report of Rosneft, Yukos Capital S.a.r.l. filed four suits against Yuganskneftegaz to the International Commercial Arbitration of the RF Chamber of Commerce and Industry, blaming on it violation of obligations under four long-term ruble loans worth around 11.233 billion rubles on aggregate (around $430 million) that had been granted by Yukos Capital.
The loans yielded 9 percent on year and were to mature in 2007. But Yukos Capital demanded the early redemption and was upheld in the court. On September 19, the International Commercial Arbitration of the RF Chamber of Commerce and Industry ruled to collect the amount from Yuganskneftegaz together with 1.703 billion rubles as interest and $857,500 as arbitration fees (around $494 million overall).
At request of Yukos Capital, the Amsterdam Court froze December 19 the assets due to Rosneft under the court enforcement action in the Netherlands. The Amsterdam Court controls distribution of money generated from the sale of Lithuanian Mazeikiu Nafta (MN) that had been owned by Yukos International. MN was sold to Polish PKN Orlen for $1.492 billion past December.
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