BVI companies involved in lawsuit between Yukos Capital and Rosneft

Last week, Russian state-owned enterprise Rosneft had to pay US$430 million to Yukos Capital, in compliance with the Dutch court’s decision.  Russian oil company had to pay this sum to the former subsidiary of Yukos after the court denied it the right to appeal the case two months ago.

The arbitration awards paid by Rosneft are related to loans Yukos Capital made to Yuganskneftegaz in 2004, which were subsequently defaulted upon.  YNG, the principal production subsidiary of Yukos Oil Company, was acquired by Rosneft in 2004.

However, Rosneft informed in a press release on its intention to get back control over the $430 million paid to Yukos Capital as a result of a long-lasting lawsuit between the companies. The state-owned company said that this sum is actually owed to companies registered in the British Virgin Islands. These companies are involved in lawsuits against Yukos Capital, and Rosneft claims its ownership over them  and their assets. Also, the company noted that Yukos Capital managers had pledged not dusburse the funds received, until final decision concerning ownership of the BVI companies.

According to Yukos Capital, the court did not recognize Rosneft’s ownership over the British Virgin Islands companies.

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