THE VALUATION DATE FOR DAMAGES IN INTERNATIONAL ARBITRATION – YUKOS ARBITRATION
Taariikhda qiimaysay magdhow ku heshiisiin caalami ah si cad u yahay muhiim ah, iyo waxa aanu had iyo jeer ma beego taariikhda soo jeediyay by Xisbiyada ee heshiisiin caalami ah. -qaadidda Yukos ayaa muujineysa dhibic this.
Labada taariikhaha qiimaysay ugu weyn magdhow, ka dhibic galmada of view, were the forced auction of Yukos to Baikal in December 2004 iyo taariikhda in Yukos ayaa waxaa lagu dhuftay off diiwaanka shirkadda ee November ka 2007. The Claimants’ original claim was that the valuation date should be the highest of either the 2007 taariikhda ama taariikhda abaalmarinta.
Maxkamada ayaa laga helay, Si kastaba ha ahaatee, in taariikhda ku qiimaysay oo ku habboon waa in midkood noqon December 2004 or the date of the award (which it deemed to be 30 June 2014 for purposes of its calculation) (Final Award, waayo,. 1777) and that Claimants should be entitled to the higher valuation (as should be the case where unlawful expropriations occur and in accordance with the ILC Articles on State Responsibility (Final Award, waayo,. 1763)).
Sidaa darteed Maxkamadu waxay aasaasay lacagta total of magdhow keena falalka dacweysanaha ee mid kasta oo ka taariikhaha aqoonsaday, composed of: 1) the value of Claimants’ shares in Yukos as of the valuation date, 2) the value of the dividends that the Tribunal determined would have been paid by Yukos up to the valuation date ‘but for’ the expropriation of Yukos, iyo 3) pre-award interest on these amounts (Final Award, waayo,. 1778). It is worth noting that the Tribunal found that the possible listing of Yukos on the NYSE (and the derived benefits) and the envisaged merger with Sibneft were too uncertain to be attributable to Respondent and rejected these scenarios (Final Award, 1779, 1780). Inkasta oo intaasu waxay wada ahaayeen heer sare tahay, Maxkamadaha Garqaad dhif siiyo magdhow for xaddi in loo arko in ay noqon kartaa kuteen.
As neither Claimants nor Respondent had performed valuations on the dates the Tribunal found to be relevant, the Tribunal had to do the valuations itself (Final Award, 1782). Tani waa mid ka mid ah dhinacyada ugu muhiimsan ee qaybta galmada of Award Final ah. Inkastoo Khubaro inta badan door bidaan in Maxkamada siin tilmaamo in khubaro iyo ka filan iyaga si ay u gaaraan gunaanad dhexdooda, the Tribunal took the information put before it and made the adjustments itself on the basis of Respondent’s corrected version of Claimants’ Comparable Companies analysis (Final Award, 1782) as DCF and Comparable transactions were found to be too unreliable.
Sida laga soo xigtay M. MacGregor (BDO, London), falanqaynta Tribunal ee ay kasbatay ay muujinaysaa xadeynta habka DCF ah, sidee baa loo maasuqay karo iyo sida kuteen waxay noqon kartaa halka uu xaqiijiyay in Shirkadaha la barbardhigi karo waxay noqon kartaa qalab ku qiimaysay oo aad u qiimo badan. hagaajin The Tribunal ee, Si kastaba ha ahaatee, ma u muuqdaan in ay dib u kor u lahaa.
Maxkamada ayaa laga helay Yukos 'qiimaha sinaanta ee 2007 ahaa USD 61 billion, in la yareeyo by RTS Oil and Gas Index ah si aad u hesho Yukos 'qiimaha sinaanta ee 2014 of USD 42 billion, ka dibna ku daray saami ka dib markii hagaajin qaar ka mid ah USD 45 billion oo danaha on saami of USD 7 bilyan oo loogu talagalay guud ahaan USD 94 billion. Sida lahaanshaha dalbadeyaasha 'ee Yukos ahaa 70.5%, ay qayb mushaarkaaga pro ahaa USD ku dhawaad 67 billion. Maxkamadda ayaa markaas codsatay ah 25% tiradaasi qalad qayb si ay u gaaraan caddadka ah USD 50 billion.
hab la mid ah u keenaysaa in lacagta ah USD 16 billion xisaabiyaa at December ee 2004 taariikhda, laakiin, sida ku xusan, Claimants were found to be entitled to the higher of the two figures. The valuation date for damages in international arbitration used by the Arbitral Tribunal therefore represented a difference of USD 34 billion, ayaana u badan oo ah magdhow ku abaalmariyey.
- Olivier Marquais