Ruushka Istaraatiijiyada MA IN waxku ool ah uga jawaabaan galmada IN Xalinta Yukos THE
Si loo caawiyo Maxkamada gaaro qiimaynta ku habboon of Company Oil Yukos, Dalbadeyaasha hormarsataan 13 possible scenarios. The claims ranged from USD 30 balaayiin in USD 114 billions (Final Award, waayo,. 1701 - 1710) and the three main sets of scenarios were the following:
- qiimaynta canshuurta ka dhanka ah Yukos ahaayeen jebinta ECT
- jebinta ee ECT ayaa sababtay Yukos - midoobeen Sibneft gooyo,
- Yukos lahaa a 70% fursad lagu qoran NYSE ah
- qiimaynta canshuurta ma ahaayeen jebinta ECT, laakiin fulinta ku xiga ee qiimaynta ahaa jebinta.
- Inkastoo fulinta ee qiimaynta, Yukos ayaa la siin lahaa xaddi gaar ah oo wakhti ay ku bixiso USD ah 24 billion (because of the considerable amount it represents).
Claimants’ expert reached a synthesised Enterprise value by weighing three different valuation methods (DCF 50%, Shirkadaha dhigma 40% iyo Macaamilada la barbardhigi karo 10% (Final Award, waayo,. 1717)) and proposed that the valuation date for Yukos should be the highest of either the November 2007 date (when Yukos was struck off the register) or the date of the award (which the Tribunal deems to be 30 June 2014).
Dalbadeyaasha lagu qiyaasay qiimaha cidda Yukos ee labada taariikhaha qiimaysay, daray saami khiyaali ah oo aan ka helay 2004 in 2007, the lost chance of being listed in the NYSE and-pre award interest on the dividends from the valuation date to the date of the Award (LIBOR + 4%) (Final Award, waayo,. 1722 - 1724).
It should be noted that Claimants’ experts most likely did not disclose full soft copies of their models in the proceedings as the Tribunal expressed difficulties in following Claimants’ methodology and stated that it had to infer it from the appendices to the expert’s second report (Final Award, waayo,. 1728). According to Mr. McClay of BDO (London), waxaa lagama maarmaan ah in dhinac uu shaaca koobi jilicsan si loo hubiyo in Maxkamada fahamsan oo dhan tallaabooyinka ay habka iyo sidoo kale si loo ogaado, khaas ahaan, dhibaatooyinka naqshadda, khilaaf malo iyo iswaafaqla'aan, khaladaadka aqbasho iyo in model guud ka shaqeeya.
istaraatijiyad dacweysanaha ee ma in ay soo gudbiyaan kiiska wanaagsan ku galmada
Respondent’s approach was far more simplistic, sida ay ma la Yimaadeen kiis wanaagsan on magdhow ah oo dhan, but rather chose to point out errors and attack Claimants’ expert’s valuation (Final Award, para.1783). Tusaale ahaan, Respondent disagreed with Claimants regarding the valuation date but did not set out an alternative date (although it suggested that it should be before the end of 2004 at the Hearing (Final Award, para.1738)). This was a dangerous strategy to adopt, as it is always possible to chip away at damages should an opposing party win.
khubaro dacweysanaha ee sheegay in xisaabaha dalbadeyaasha 'ahaayeen "buuxeen qaladaad” (Final Award, waayo,. 1743, 1744) and corrected Claimants’ Comparable Companies valuation by excluding data with regard to Rosneft, Gazprom Neft iyo shirkadaha caalamiga ah ee saliidda ugu weyn ee ka falanqaynta si ay u gaaraan qiimaha Enterprise ah 2007 USD ah 32 billions lower than Claimants’ Enterprise value (Final Award, waayo,. 1746). Respondent also disputed the reliability of the Comparable Companies and claimed that Comparable Transactions were indefensible from an economic perspective (Final Award, waayo,. 1747) but never brought forward a methodology for valuating Yukos or any valuation figures of its own.
Mudane. McClay of BDO (London) is of the opinion that the phrase “buuxeen qaladaad” is becoming a stock phrase in respondents’ expert reports and perhaps even part of a report template of some experts. Halkan, Claimants’ first expert report was indeed flawed; the valuation of YNG (Yukos’ main production subsidiary sold in a forced auction to Baikal, a fake entity bought by the State-owned Rosneft shortly after) contained obvious and significant errors which Respondent pointed out. Claimants’ expert then admitted to his mistakes but compensated for them in his second expert report by inflating other numbers to reach the same final amount claimed (Final Award, waayo,. 1744, 1745). Waxaa macquul ah in qaladaad khabiir dalbadeyaasha 'ee hoos uu kalsoonidii iyo hogaaminayo Maxkamada in ay lumiyaan kalsoonida isaga in sida Maxkamada ayaa sheegay in uu "gargaar aad u kooban Maxkamada in ay go'aan ka mid ah magdhow dalbadeyaasha '” was a factor to consider when fixing the costs of Claimants (Final Award, waayo,. 1884).
Laga soo bilaabo dhibic istiraatiijiga ah ee view, inta badan waa kiiska in uusan jawaab ka bixiyaan ma xisaabinta si aan loo siin rumaysan in galmada dacwooto ee. Ka dib oo dhan, jawab ma laha rar inuu keeno codsi on qiimaysay oo go'aan ka gaari kara in aad u adag sameeyaan shuqulkii Tribunal ee. Si kastaba ha ahaatee, jawab inta badan wajahaya dhibaato ah marka ay macquul filan kartaa Maxkamada inay ka qaadista sheegay codsadeyaalka 'sida aan cududaar iyo xitaa aan ka fiirsan galmada ah. waxa uu noqon doonaa qiimihiisu kharaj kharashka khubaro, including hearings when it might turn out useless?
Ma keeno kiis wanaagsan on galmada mararka waxkasta karaa. What is the Tribunal to do when there is even partial acceptance of the claimant’s quantum but nothing from the other side? This approach can sometimes lead to dangerous consequences as it makes it difficult for the Tribunal to adopt only part of the respondent’s case and the Tribunal has only one party’s valuation to base its award on.
Si kastaba ha ahaatee, ee Yukos, khabiir dacweysanaha ee ku guulaysteen in ay si weyn u yareeyo qiimaha sheegashada by farta ku fiiqaya qaar ka mid ah khaladaad aad u ballaaran in xisaabaha dalbadeyaasha 'khubaro'. Sidaa darteed, some of Respondent’s criticism of Claimants’ experts (the “corrected” version of Claimants’ Comparable Companies analysis and the adjustments to the principle errors) was useful to the Tribunal. Maxkamada ayaa lagu ogaaday in 'khabiir dacweysanaha ee gaaray - in afka horumarinta waxa "waxay noqon kartaa"A"waxtar leh"Qiimaynta - at a" saxo "qiimaha ganacsi ee qadarka USD 67.862 billion oo, haddii loo maleeyo in a 90/10 Qaab dhismeedka caasimada / deynta sinaanta, qiimaha caddaalad ah sida 21 November 2007 of USD 61 billions’ (Final Award, waayo,. 1783).
Sida laga soo xigtay M. MacGregor of BDO (London), shir khubaro ah ay noqon lahaayeen kuwa waxtar leh kiiskan ka fiirsaneysa layna badan oo u dhexeeya khubarada. It is likely that the technical valuation issues could have been resolved (or at least clarified) by a meeting and, given the costs of the experts (USD 8.5 malaayiin for dalbadeyaasha iyo USD 4.5 millions for Respondent), wada lahaa shaki la'aan lagu kharash wax ku ool ah.
Doodda ugu weyn oo lagu taageerayo kulan khubarada waa in, fiirsaneysa inay jidka Maxkamada isticmaalo caddaymaha la soo hordhigay ee ay khubarada, waa lagama yaabo in ay ku heleen ay dhamaystiran, wargeliyay views saabsan qiimaysay hor imanaya si ay go'aan.
Inkasta oo mid ka mid ah xisbiga waa, ilaa xad in waxa suurto gal ah, hawlgeliyaan khubaro dhinaca kale ee, waxa uu noqonayaa mid aan macquul ahayn in ay filayaan in khubaro noqon lahayd in ay ku heshiiyaan kasta caadi awoodi halkaas oo mid ka mid ah xisbiga ma soo gudbin kiis oo ku saabsan galmada, sida ay ahayd xaaladda halkan ujeedooyin istiraatiiji ah.
- Olivier Marquais, associate, Aceris LLC