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Dutch News

29 July 2014
Yukos case: Netherlands not only a tax heaven, but also a treaty paradise

Monday the arbitration court in The Hague has ordered Russia to pay €. 50 billion in damages to shareholders for seizing the former largest Russian oil company Yukos. The judgement was not the first in this case. Russian multinationals do not only like to establish their companies in Amsterdam for tax reasons, but also for juridical reasons.


Earlier Spanish and British shareholders  won cases at other arbitration organisations. Two weeks ago the Amsterdam court gave a verdict in the same case, and the Russian state lost again and this   Thursday the EU human rights court will give a verdict in a case that he been started by the former Yukos management.

 

The reason why Russia loses all the cases is that former Yukos owner Michail Chodorkovski did not trust his own authorities at the time and decided to establish part of the company outside of Russia, in Amsterdam and Gibraltar. Through this he was able to withstand the attempts of the Russian state to institute bankruptcy proceedings against Yukos.

 

Russian multinationals like to establish their companies in Amsterdam. This is for tax reasons, but also for juridical reasons. A researcher calls the Netherlands not only a tax heaven, but also a treaty paradise. ‘A Russian company that wants to invest in Russia can better establish itself in the Netherlands, because the rights of the company will be better represented.




 

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