HOUSTON, April 29, 2019 — Following the historic decision in January by the Dutch Supreme Court, the Yukos Foundations have returned hundreds of millions of dollars in additional funds to the former shareholders. The Supreme Court upheld the judgment of the Court of Appeals that determined the Yukos bankruptcy by the Russian authorities was so egregious that it was in violation of Dutch public policy.
“We have fought hard for over 12 years to be successful in the legal proceedings over the theft of Yukos Oil by the Russian Federation,” said Steven Theede, former Yukos CEO and board member of the Yukos Foundations. “It is gratifying to return this money to the shareholders who were the ultimate victims of the Kremlin’s illegal deeds.”
This payment, combined with the previous payments made to shareholders as a result of the settlement of all legal proceedings between the Yukos Foundations and state-controlled Rosneft, total close to $1 billion thus far. “Our strategy, to vigorously pursue legal remedies in independent courts that adhere to the rule of law, has paid off for shareholders,” added Theede.
About the Yukos Foundations
The Yukos Foundations were formed in 2005 to ensure the assets of the Yukos group outside Russia were protected and fairly distributed to the company’s former creditors and shareholders once asset litigation is resolved and it’s lawfully permitted to do so. The Foundations worked to identify and verify Yukos shareholders in order to return financial assets to them when legal challenges are completed.
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