Yukos Capital loans to Rosneft subsidiary deemed invalid
MOSCOW, July 18 - RAPSI. The Eleventh Commercial Court of Appeals has upheld the lower court judgment declaring null and void $92 million in loan agreements between Luxemburg's Yukos Capital S.a.r.l and the Rosneft subsidiary Samaraneftegaz, the court told the Russian Legal Information Agency on Wednesday.
Yukos Capital S.a.r.l was controlled by former YUKOS management.
The second instance court has agreed to the arguments presented by the Samara Regional Commercial Court, which held in favor of the Rosneft subsidiary Neft-Activ in February.
Neft-Activ sought to invalidate the loan agreements signed on July 20 and July 27, 2004. The company maintained that the "contracts are bogus deals aimed at concealing the true agreement, which was the illegal transfer of funds from Samaraneftegaz to Yukos Capital S.a.r.l. and the subsequent return of the funds to Samaraneftegaz as a loan."
The loans issued to Samaraneftegaz amounted to 2.415 billion rubles ($82.5 million). The company was also charged 664.8 million rubles ($22.7 million) in interest.
On July 28, 2009, the Samara Regional Commercial Court suspended proceedings in the case until a judgment in the criminal case tried by the Moscow Khamovnichesky District Court comes into force. The commercial court in Samara then resumed the proceedings in July 2011.