Yukos appeals against U.K. court ruling

Issues

OAO Rosneft, Russia's state-run oil company that raised $10.4 billion in the country's biggest stock sale, said rival OAO Yukos Oil Co. submitted an application on July 24 to appeal a U.K. court's decision to reject its request to stop Rosneft's listing on the London Stock Exchange. “If the Court of Appeal grants the application, the Financial Services Authority, the London Stock Exchange and Rosneft will have an opportunity to make submissions to the Court of Appeal to reject Yukos' appeal and uphold the lower court's decision,” Rosneft said in a Regulatory News Service statement yesterday. “Rosneft believes that even if the Court of Appeal were to grant the application, Yukos' appeal would have no merit.” Yukos says its main asset, OAO Yuganskneftegaz, was unlawfully seized by the Russian government and sold to Rosneft for a fraction of its value. Rosneft maintains it acted within the law and that the lawsuit was intended to cause embarrassment. Rosneft had the world's sixth-largest public offering this month on the back of its rising production, thanks mostly to Yuganskneftegaz. (Bloomberg)

ADVERTISEMENT

Voluntary Pension Fund Contributions Climb 20% in Q1-Q3 Figures

Voluntary Pension Fund Contributions Climb 20% in Q1-Q3

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

Higher Sugar Prices Raising Holiday Candy Costs Retail

Higher Sugar Prices Raising Holiday Candy Costs

Hungarian Tourism in Croatia Returning to Pre-pandemic Level... Tourism

Hungarian Tourism in Croatia Returning to Pre-pandemic Level...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.