The European Court of Human Rights Tuesday partially ruled in favor of shareholders in defunct Russian oil company OAO Yukos, but also said that Russia's conduct was not politically motivated.
The European Court of Human Rights Tuesday partially ruled in favor of
shareholders in defunct Russian oil company OAO Yukos, but also said that
Russia
's
conduct was not politically motivated.
The case was brought by the former management of Yukos, once
Russia
's
biggest oil company, which was liquidated in 2007 and sold off to state oil
company OAO Rosneft (ROSN.RS), after its owner Mikhail Khodorkovsky had been prosecuted
on charges of fraud and tax evasion.
Yukos shareholders said they were unlawfully targeted by Russian authorities
and had asked for over $100 billion in compensation. The court, however, did
not rule on the former management's demands for compensation.
In a long-awaited ruling, the court found that
Russia
violated the right to a fair trial under the European Convention on Human
Rights, concerning tax assessment proceedings against Yukos for the year 2000.
It also found violation of protection of property concerning 2000-2011 tax
assessments "regarding the imposition and calculation of penalties,"
and said
Russia
violated property rights "in that the enforcement proceedings were
disproportionate."
At the same time, seven judges also unanimously found no violation of
"limitation on use of restriction on rights...concerning whether the
Russian authorities had misused the legal proceedings to destroy Yukos and
seize its assets."
The court also took issue with Yukos' allegations that the prosecution was
"politically motivated."
"Apart from the violations found, there was no indication of any further
issues or defects in the proceedings against Yukos, which would have enabled
the court to conclude that Russia had misused those proceedings to destroy
Yukos and take control of its assets," the court said.
Khodorkovsky and his defenders have for years asserted that the Kremlin's legal
assault on him and Yukos was really an attempt to crush a potential political
opponent and renationalize his assets.
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