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The Federal Arbitration Court upheld a decision Wednesday by a lower court to order Yukos to pay over $482 million to a syndicate of foreign banks
The Federal Arbitration Court upheld a decision Wednesday by a lower court to order Yukos to pay over $482 million to a syndicate of foreign banks, thereby dismissing the embattled oil company's plea against the order. In June, London's High Court of Justice granted a claim from 14 creditors to charge Yukos $482 million as repayment of the remainder of a $1-billion syndicated loan that Yukos secured in summer 2003 from a syndicate, including Societe Generale, Citibank, Commerzbank, Credit Lyonnais, Deutsche Bank, HSBC and ING. The oil company failed to keep to the repayment agreement due to financial difficulties and back-tax claims, and the trial of its former CEO Mikhail Khodorkovsky. On September 28, the Moscow Arbitration Court upheld the London court's decision, but reduced the claimed sum by $6.72 million. On November 30, the Federal Arbitration Court revoked the lower court's decision to charge Yukos with $476 million in foreign syndicated debt, and sent the case back for review. The Moscow Arbitration Court then granted the London court's claim, a ruling that has now been upheld by the Federal Arbitration Court.
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