2016-09-29 14:58:00

Lawyers for former Yukos shareholders announce plans to stop attempts to suspend construction of Russian cultural center in Paris (updated)

Moscow, September 29, Interfax - Former Yukos shareholders have given up the idea to arrest the Russian spiritual and cultural center on a Paris embankment as part of a lawsuit seeking the payment of compensation, Andrey Kondakov, general director of the International Legal Protection Center, said.

"At a high Paris court hearing today, the lawyers for the company Hulley Enterprises Ltd., which is a former majority shareholder of Yukos, announced their intention to stop the attempts to suspend the construction of the spiritual and cultural center on Branly Embankment (not far from the Eiffel Tower) and arrest this real estate," Kondakov told Interfax on Thursday.

He said this step was a logical continuation of the decision to recognize the diplomatic immunity of the center made by the same court on April 28, 2016. "This guarantees the completion of the construction of the cultural object within the established period of time in October 2016," Kondakov said.

In June 2015, the Hulley lawyers initially achieved the arrest of the land plot where Russia is building an Orthodox church in accordance with the procedures to enforce the decision made by the Hague arbitration court, which awarded the former shareholders $50 billion in compensation for the loss of Yukos in 2014, he said.

"The arrest of the site for the construction of an Orthodox church in central Paris was one of the most high-profile cases, which drew close attention of the public and the press," Kondakov said.

The decision made by the former Yukos shareholder "is an important step in the consistent lifting of the arrests of movable and immovable property, which took place in France in summer 2015," he said.

"They continue the tendency observed in the past months towards a revocation of the enforcement proceedings and arbitration lawsuits initiated by former Yukos shareholders against Russia," Kondakov said.

Specifically, the lawyer said enforcement proceedings were revoked in Germany and India in July 2016, and the termination of arbitration proceedings on the lawsuit filed by another Yukos-affiliated company, Financial Performance Holdings (FPH), was reported on September 28.