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  Tuesday, March 31, 2020
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An Amsterdam court will rule on a lawsuit Thursday brought against Yukos
An Amsterdam court will rule on a lawsuit Thursday brought against embattled Russian oil company Yukos by a consortium of ten foreign banks, a court official said. The consortium filed the suit in August questioning the legality of a transfer of shares in Yukos subsidiaries to a new company. An official with Dutch bank ING, which is part of the consortium, said the banks had loaned Yukos Oil $1 billion in September 2003. The company paid half this back, with about $470 million remaining on balance, without accrued interest. The official, whose bank provided $100 million to Yukos Oil, said the banks wanted to force the sale of Yukos Finance, a Yukos subsidiary registered in the Netherlands that manages the company's foreign assets, including an oil refinery in Lithuania and an oil pipeline in Slovenia. They have an overall value of $1 billion. Yukos Finance, though, founded another firm, Yukos B.V., in April 2005, and transferred the shares of the above-mentioned subsidiaries to it, without consulting with the banks and, according to the Dutch press, with the obvious aim of protecting the shares from Russia's tax authorities. Yukos officials said the move had been made in the interests of creditors. But the consortium disagreed and said the shares had become inaccessible for the banks after the transaction.
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