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Thread: As Russia's economy is on the brink of a technical recession ....OOPS

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    As Russia's economy is on the brink of a technical recession ....OOPS

    Russia to appeal against $50bn Yukos shareholder payout
    President Putin
    The payout is a big hit for a country on the brink of recession




    Russia will appeal against a international court ruling that it should pay $50bn (£29.5bn) in damages, the biggest compensation package ever.

    Russia was told to pay the money to former shareholders in the now defunct oil producer Yukos.

    The Hague court said Russian officials had manipulated the legal system to bankrupt Yukos, and jail its boss.

    The Russian finance ministry said the ruling was "flawed", "one-sided" and "politically biased".

    The ministry added that the Permanent Court for Arbitration in The Hague "had no jurisdiction to consider the questions it was given".

    'Major step'
    The claim was filed by a subsidiary for the financial holding company GML, once the biggest shareholder in Yukos Oil Co.

    GML Executive Director Tim Osborne said: "The majority shareholders of Yukos Oil were left without compensation for the loss of their investment when Russia illegally expropriated Yukos."

    "It is a major step forward for the majority shareholders, who have been battling for over 10 years for this decision."

    In an interview with the BBC's World Business Report, Mr Osborne added that his next step would be to use local courts worldwide to pursue Russian state property which could be seized as recompense.

    Commenting on the tribunal's findings, he told the BBC: "In their view Rosneft, for instance, is an instrumentality of the state and was the vehicle that the Russian state chose to bankrupt and expropriate Yukos."

    Pursuing Rosneft for the funds is a "distinct possibility", he said.

    However, in a statement, the Russian ministry said: "Because of substantial shortcomings in the rulings of the arbitration court, the Russian Federation will challenge the rulings of the arbitration court in Dutch courts and expects to obtain a fair result there".

    'Win time'
    GML's lawyer Emmanuel Gaillard said: "This is an historic award. It is now judicially established that the Russian Federation's actions were not a legitimate exercise in tax collection but, rather, were aimed at destroying Yukos and illegally expropriating its assets for the benefit of State instrumentalities Rosneft and Gazprom."

    Dr Florian Otto from risk advisory company Maplecroft said that Russia will be hoping to win time and reduce publicity.

    He said: "For Russia, paying the money is out of the question, as this could be construed as an acknowledgement that the seizing of Yukos' assets was illegal - a viewpoint the Kremlin will never accept.

    "The ruling does not come as a surprise to any of the parties involved, but the coincidental timing with the downing of flight MH17 certainly adds to the pressure Russia is currently exposed to.

    "The case serves as a fresh reminder of state interference in business at a time when business confidence is already at a low point".

    Lawyers said that if Russia does not voluntarily accept the ruling, it can be forcibly enforced by shareholders seizing assets abroad.

    Konstantin Lukoyanov of global law firm Linklaters said: "If it is accepted, it can be carried out voluntarily, or it will be implemented forcibly.

    "In that case the seizure of assets abroad is possible. There have been several similar cases."

    Leonid Nevzlin, former deputy chairman of Yukos told a Moscow radio station: "I think shareholders are ready for the next stage, if Russia refuses to pay them, to search for and seize Russian assets all around the world."

    Illegal deals

    Yukos was disbanded in 2007 after filing for bankruptcy in 2006.

    The company was formerly controlled by Mikhail Khodorkovsky, who was at one point Russia's richest man. Responding to the news, Mr Khordorkovsky said it was "fantastic" that shareholders were "being given chance to recover assets".

    Mr Khodorkovsky built Yukos into Russia's largest investor-owned oil company after the fall of the Soviet Union.

    He was arrested in 2003 and spent ten years in jail after being convicted of fraud and tax evasion but was pardoned last December.

    The state-owned Rosneft bought the bulk of Yukos assets though auctions after the company, once the country's largest oil producer, was declared bankrupt. Rosneft says all the deals were legal.


    Analysis: Andrew Walker, BBC economics correspondent

    The judgement is powerful ammunition for President Putin's critics.

    For their case, the key words in the ruling are these: "Russian courts bent to the will of Russian executive authorities to bankrupt Yukos, assign its assets to a State-controlled company, and incarcerate a man who gave signs of becoming a political competitor".

    That potential political rival - to President Putin - is Mikhail Khodorkovsky.

    Though he wasn't involved this case, he was at the centre of the events that led to the downfall of Yukos.

    The ruling is littered with testimony from witnesses pointing to Mr Putin's anger about Mr Khodorkovsky, particularly when the former Yukos chief raised the issue of corruption.

    The court concluded that what happened to him and the company were not the result of proper legal processes.


    http://www.bbc.co.uk/news/business-28520892
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    "Yukos"... sounds like the worst breakfast cereal ever.
    Last edited by VetteLS5; 07-28-2014 at 07:31 PM. Reason: lack of cred
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    http://www.globalresearch.ca/justice...ah-putin/22597

    Vladimir Putin summed it up best when he said, “A thief should sit in jail.” Right on. It doesn’t matter if he is the richest man in the country or not. If he’s done the crime, he’s got to do the time. It’s that simple.

    On Wednesday, Mikhail Khodorkovsky, the former head of Yukos Oil was sentenced to 14 years in prison for embezzling and money laundering. Heads of state, human rights organisations, business leaders, and the entire western media have all protested on Khodorkovsky’s behalf, but to no avail. Khodorkovsky will stay in prison where he belongs. Justice has prevailed.

    Khodorkovsky’s problems began when he challenged an informal agreement with the Kremlin not to intervene in Russian politics. But the oil oligarch thought Putin was weak, so he strengthened his contacts in Washington and dumped money into parliamentary elections. He unwisely assumed that he could defy Putin and extend his tentacles into politics following the model of corporate control he saw in the United States, where the courts, the congress, the White House and the media are all in the pocket of big business. Only he misjudged Putin and ended up in the hoosegow.

    According to the Wall Street Journal:

    “Mr. Khodorkovsky was arrested on a rented jet in Siberia Oct. 23, 2003, flown to Moscow and jailed on charges of fraud and tax evasion. Just over a year later, Yukos’s main subsidiary had been sold at auction to a little-known Russian company that later sold it to the state oil company, OAO Rosneft.

    Investors, who watched the market value of Yukos plunge from $40 billion to next to nothing in a matter of months, proved to have short memories. By the summer of 2006, they were lining up to buy stock in Rosneft’s initial public offering. The company’s main asset had belonged to Yukos.”

    And, according to Wikipedia:

    “Khodorkovsky was charged with acting illegally in the privatisation process of the former state-owned mining and fertiliser company Apatit……In addition, prosecutors conducted an extensive investigation into Yukos for offences that went beyond the financial and tax-related charges. Reportedly there were three cases of murder and one of attempted murder linked to Yukos, if not Khodorkovsky himself…..”

    When a deep-pocket Robber Barron is charged with a crime, everyone comes to their aid, including “the Italian Parliament, the German Bundestag, and the U.S. House of Representatives”. But Khodorkovsky is guilty. The Russian court got it right. The rest is just propaganda.

    The portrayal of Khodorkovsky as an “innocent victim of a justice system run amok” borders on the ridiculous. Take a look at this comical article in the Economist ominously titled “The Trial, Part Two”. Here’s an excerpt:

    “The transformation of Mr Khodorkovsky from a ruthless oligarch, operating in a virtually lawless climate, into a political prisoner and freedom fighter is one of the more intriguing tales in post-communist Russia….In this narrow sense, indeed, the imprisoned Mr Khodorkovsky might be compared to the exiled Andrei Sakharov in the 1980s. Both Mr Khodorkovsky and Sakharov, an eminent nuclear physicist, chose a thorny path. And both of these one-time political prisoners then, in effect, took their persecutors and jailers hostage. Just as Mikhail Gorbachev’s talk of perestroika, opening up and new thinking, rang hollow until the moment when he allowed Sakharov to come home, so any talk by the Kremlin of the rule of law or about modernisation will be puffery so long as Mr Khodorkovsky remains in jail.” (The Economist)

    So now the cutthroat scamster Khodorkovsky is Andrei Sakharov? One might think that the Economist would worry that such claptrap would damage its credibility, but apparently not. Apparently, nothing matters quite as much as springing their felonious friends from prison.

    The Obama administration has also interceded on Khodorkovsky’s behalf even before the verdict was delivered. White House spokesman Robert Gibbs said that the US was troubled by “what appears to be an abusive use of the legal system for improper ends”.

    “The apparent selective application of the law to these individuals undermines Russia’s reputation as a country committed to deepening the rule of law.”

    Gibbs failed to note how many crooked CEOs or CFOs of major Wall Street firms have been investigated, indicted, prosecuted, arrested, tried, or convicted?

    So far, that number is zero. So much for the Obama administration’s commitment to the rule of law.

    Secretary of State Hillary Clinton also put in her two-cents saying that a conviction would have a “negative impact on Russia’s reputation.”

    Right. This is the same Hillary Clinton who has thrown her support behind the Patriot Act, the intrusive/illegal TSA “pat downs”, the limitless detention of terror suspects, increased surveillance of US citizens, and the de facto repeal of habeas corpus.

    Clinton’s credibility on civil liberties is zilch.

    Imagine what it would be like to live in a country where the rich had to play by the same rules as everyone else? Presumably, one would have to move to Russia. There is no expectation of justice in the US today. None.

    Khodorkovsky was convicted because he’s a crook and because the Russian justice system is less corrupt than the one in the US. His incarceration is a victory for the people who want to see the law applied fairly regardless of how rich someone is.
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    Source ?

    I want to read where someone would say:

    Khodorkovsky was convicted because he’s a crook and because the Russian justice system is less corrupt than the one in the US. His incarceration is a victory for the people who want to see the law applied fairly regardless of how rich someone is.

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    I take on board there were tax issues lol , but russia doesnt seem a country where that would be a problem

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    Prior to his release :

    The Economist opined, "any talk by the Kremlin of the rule of law or about modernisation will be puffery so long as Mr Khodorkovsky remains in ja

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    WOW nitro have you read the wikipedia entry ... :Reportedly there were three cases of murder and one of attempted murder linked to Yukos, if not Khodorkovsky himself….


    There was 662 pages of indictments against him.

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    Quote Originally Posted by vandeleur View Post
    WOW nitro have you read the wikipedia entry ... :Reportedly there were three cases of murder and one of attempted murder linked to Yukos, if not Khodorkovsky himself….


    There was 662 pages of indictments against him.
    If you look at the world right now. There is a lot of anti-Russian propaganda being generated in the west. This really isn't so much about Putin being a bad guy. It's about the Bank of International Settlements and the central banks that fall under it vs the Shanghai Alliance which Russia is part of. It's bigger than just Russia but Russia and Putin are easy to demonize. The Economist is owned by Evelyn deRothschild so there is going to be a bias on any country that does not have a Rothschild sponsored central bank.

    The whole thing in The Ukraine is the US, Israel, and the EU forced regime change and put some real scummy oligarchs into power. The attempt is to try and draw Russia into a war. If you look at Russia's overall economic strategy before this Ukraine nonsense got started it was all about developing eastern Russia and tying into the asian economies. As far as recession goes, the whole world is going to go into a recession. It's cyclical and all the quantitative easing (printing money) just prolonged the recovery process.

    It has nothing to do with what the western media is saying. What's really going on is the old Bretton-Woods system is broke. It's been using the US and Japan for a piggy bank. All they have is paper and bullshit and the US military to bully nations with. The real wealth is in Asia. Putin knows it. Look where he's making his alliances. Look at BRICS forming. Asia with the exception of Japan is telling the west to fuck off and Russia is siding with Asia.

    What can the western bankers do? Start a war. They desperately need one. Russia is the least of my worries. What goes on in Washington DC is. The US government and it's allies have done more invasions and damage than Putin ever did. Taking Crimea? LOL! Look at how many countries we have invaded and how many people we have killed. It's not Putin buying billions of rounds of ammunition to kill americans with. It's our own govenrment. So give me a break dude.

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    What those oligarchs did to the russian people under Yelstin was pure rape and pillage. It was horrible. They were better off in Gorbechev's Soviet Union. Who was working with those oligarchs? The same people that want to start this war with Russia. I'm not saying Putin is a saint but at least he keeps enough money in the country to let the people have a better lifestyle. Before all the Ukraine ruckus people were looking at Russia as a place to invest.

    It's all an easy scape goat for our criminals screwing us and their red herring ain't fooling me. I'm pin pointed on Wall Street and Washington and I'm not going to get distracted by some bullshit in the Ukraine.

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    Look the US military is in the process of surrounding Russia and China. Look at a map. The Ukraine is part of a bigger geopolitical picture. This is a war over who is going to control the world's financial system this century. It's all it is. The US needs the petrol-dollar to finance it's assault on China and Russia and the BRICS are in the process of trying to destroy the petrol dollar so there is no money to finance the US overseas operations. It's all about getting Russia and China before they break the Federal Reserve Bank. The Ukraine is staring at the bark on one tree in the forest. There's a media war, a financial war, and all sorts of carnage to blame on Russia. It's pretty obvious. It's all about survival of the Federal Reserve Note and controlling the world with the military industrial complex fist.

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