Yukos ADR holders lose bid to enforce arbitral award in Sweden's Supreme Court
MOSCOW, December 15 (RAPSI) – Sweden's Supreme Court dismissed an application filed by four Spanish investment funds, holders of Yukos American Depositary Receipts, that sought enforcement of an arbitral award against Russia, according to Andrey Kondakov, the General Director of the International Centre for Legal Aid.
GBI 9000 SICAV S.A., ALOS 34 S.L., Orgor de Valores SICAV S.A. and Quasar de Valors SICAV S.A. filed in 2007 a claim with the Arbitration Institute of the Stockholm Chamber of Commerce alleging violation of their rights under bilateral investment treaty between Spain and the USSR.
On July 26, 2012, the arbitral tribunal granted award against Russia.
Russia turned to the District Court of Stockholm in September 2009 claiming that the arbitral tribunal didn't have jurisdiction to decide the case brought by the investment funds. After Russia lost its case in September 2014, it filed a claim with the Svea Court of Appeal.
The Court of Appeal sided with Russia in January and ordered the investment funds to compensate Russia's litigation costs.
The investment funds turned to Sweden's Supreme Court.