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Claimant, in its Reply, isn't going to contest Respondent’s demonstration in Annex B to your Assertion of Defense which the starting off rate, remaining selling price and other parameters on the YNG auction have been in compliance with Russian law and according to Worldwide observe, and the actions of Yukos and its management - in blocking the participation from the almost certainly bidders and sources of finance - were liable for The point that the worth understood for that YNG shares, when larger than a lot of pre-auction valuations, was not increased nevertheless

Contrary on the illustration created by Claimant in its Statement of Assert that it experienced "consistently held" the Yukos shares in the date of their very first obtain in 2004, during The whole thing of this period Claimant was only one in a series of nominees interposed concerning Yukos as well as Cayman Islands effective proprietor with the Yukos shares, which, like Claimant, is owned and controlled from the Elliott Team.

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,But a point out often has The chance, and the obligation, to drag back at the brink from committing an unlawful act. Traders are encouraged by treaties including the IPPA to take a position within the expectation that states will Adhere to the law and honor their treaty obligations. The Respondent’s argument on the contrary is unbecoming a point out that professes to adhere for the rule of law.

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"Президент Путин поговорил по телефону еще раз с губернатором Оренбургской области Денисом Паслером.

599. More, the Tribunal normally takes under consideration the submissions by the Parties regarding the various disputed measures and aspects summarized above, and notes in particular the submissions from the Parties within the cumulative effect of the various strands of Respondent’s actions in regard of Yukos. And even further, the Tribunal refers to its have criteria and conclusions earlier mentioned with regard to these person actions and facets. As outlined over, the Tribunal considers that an evaluation of no matter whether Respondent breached the IPPA can only be successfully conducted When the carry out as a whole is reviewed, rather than isolated measures or facets.

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Provided the terms of Posting five(1) in the Expenditure Defense and Marketing Agreement in between the Soviet Union and the uk (IPPA) the Tribunal might be grateful to listen to within the Functions what check ought to be applied if you want to ascertain irrespective of whether a evaluate not in by itself amounting to "nationalisation or expropriation' should be thought of a measure "owning influence similar to" nationalisation or expropriation,

Whether or not the tax assessments ended up issue to evaluation less than Article 5 of the united kingdom-Soviet BIT, which they aren't, Claimant has not rebutted the presumption of bona fide taxation. As shown https://rosinvest.com under, Claimant has unsuccessful to establish that the tax assessments were both mala fide or discriminatory or confiscatory. Annex AA and also the supplemental professional report of Mr. Oleg Y, Konnov rebut Just about every of your arguments lifted by Claimant and Professor Maggs with respect to taxes, and reveal which the steps on the Russian tax authorities have been fully in line with both of those Russian regulation and Worldwide tax apply. Specifically, Respondent and Mr.

(2) The place a Contracting Celebration expropriates the belongings of a firm or organization which can be integrated or constituted underneath the law in power in any Element of its have territory, and during which traders of the opposite Contracting Bash Possess a shareholding, the provisions of paragraph (1) of this information shall use, "

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215. Article 5 with the IPPA guards "investments of investors of either Contracting Social gathering." As stated in EnCana v. Ecuador, "for there to have already been an expropriation of the expenditure [...J the rights impacted will have to exist beneath the legislation which produces them." (pp. 33-34, RM-116) 216. Neither general Global regulation nor the IPPA produces house rights. The rights affiliated with the Yukos shares that are guarded beneath the IPPA are as an alternative established via the guidelines of Russia, Yukos’ position of incorporation. Russian legislation thus determines the existence and scope of the legal rights connected with the Yukos shares. 217. Russian non-public international legislation permits the parties to some contract to choose the legislation that may govern their contractual rights and duties. Considering the fact that Big apple law may be the regulation chosen by Elliott Intercontinental and Claimant to control the Participation Agreements, The big apple legislation decides Claimant’s similar legal rights and duties. 218. The rights linked to the Yukos shares created below Russian and New York regulation are guarded beneath the IPPA only Should they be an "asset" of a United kingdom investor for applications of Post 1(a), i.e., "something of value" to the UK Trader. At a minimum amount, Claimant must exhibit that under the authorized posture made by Russian and The big apple law it "would go through money reduction if the home have been weakened and destroyed." (Azurix v. Argentina, RLA-181) 219. The document demonstrates that Claimant was hardly ever the legal https://rosinvest.com owner from the Yukos shares at challenge, transferred the financial desire within the Yukos shares to Elliott Worldwide even ahead of it ordered the shares, and will not have experienced any destruction from an expropriation of your Yukos shares. Dilemma three.8 220. Bearing in mind the language, context and governing legislation in the Participation Agreements, was it permissible for Claimant to market the Yukos shares without the consent of Elliott, and irrespective thereof In the event the Claimant would without a doubt have offered them, what would have been the legal implications for the problems applicable during the existing scenario?