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19

Yukos Owner Will Fight

The owner of Yukos control stake, Group Menatep filed a lawsuit with the London Court of Arbitration against...

The owner of Yukos control stake, Group Menatep, said on Tuesday that it had filed a lawsuit with the London Court of Arbitration, where they demanded $650 million from Yuganskneftegaz, a former Yukos subsidiary which is now owned by state-run Rosneft.

The suit concerns a loan that was given by Menatep to Yukos and guaranteed by deliveries of oil by Yuganskneftegaz.

Now Menatep wants to recoup the loan. ?We have filed in the London Court of Arbitration, claiming under the guarantee that Yugansk gave in respect to Yukos,? Group Menatep Managing Director Tim Osborne told Reuters. Osborne said both parties had agreed to be subject to the court when the loan was arranged.