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Court satisfies foreign banks' claim against YUKOS
RBC, 21.12.2005, Moscow 17:40:45.The Moscow Arbitration Court has satisfied the motion by several foreign banks to sustain as valid and binding the London High Court's ruling, according to which YUKOS has to pay over $482m in debt and interest to creditors. The oil company's lawyers think that the London court's verdict cannot be sustained in Russia, because the UK and Russia do not have an agreement on foreign court verdict execution. In addition, creditors did not present the original verdict voiced by the London High Court, YUKOS claims. The loan in question was given to YUKOS in 2003 in London, with Societe Generale bank as the deal coordinator. One of the guarantors was Yuganskneftegaz.
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