Yukos, Menatep will keep fighting despite US bankruptcy dismissal

[JURIST] Yukos [corporate website] and its main shareholder Group Menatep [corporate website] said Friday that they would keep fighting against the "Russian Federation's campaign to destroy the company," despite yesterday's US court decision to dismiss Yukos' bid for bankruptcy protection [JURIST report; memorandum opinion text [PDF]]. In Yukos' statement [text], the company said:

We have read the Judge's opinion and it supports YUKOS' position on four of the five issues. The Judge's opinion found in favor of YUKOS on the issues of: Jurisdiction, Forum Non Conveniens, Comity and Act Of State Doctrine. Never-the-less the court dismissed the case under Section 1112 (b) of the Bankruptcy Code....

We have the utmost respect for this Court and have found the experience of participating in a fair, open and unbiased legal process refreshing after nine months of being subjected to politicized and biased Russian courts. We will thoroughly review our options and will take the appropriate actions in due course."
In the Menatep statement [text, PDF], the Yukos shareholder acknowledged that the US judgment will not help Yukos in its efforts to survive, but said:
It is not surprising, however, that Judge Letitia Clark referred to the events in Russia as "a confiscation". The world has been saying this for some time and Group MENATEP continues to stress that the actions of the Russian Federation are contrary to Russian and international law. The ruling of the judge appears to support that view.
AFP has more.


 

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