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.
