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. Last Updated: 07/27/2016

Cyprus Court Declines Dart




Oil major Yukos won a round in its battle with investor Kenneth Dart, after a Cypriot court declined to consider Dart's request for an injunction to prevent Yukos from diluting Dart's shares in Yukos subsidiaries.


Two companies owned by Dart contested the legality of the issuance of shares in oil producer Tomskneft for sale to Yukos-owned offshore vehicles.


The court said late last week the case was out of its jurisdiction. The two Dart companies, Acirota Ltd. and Arrowhead Ltd., said Wednesday they would appeal.


Yukos heralded the Cypriot decision as a victory. "The decision of the Cyprus court shows that claims of Kenneth Dart's companies against Yukos have no grounds," a Yukos spokesman said.


Meanwhile, Cornwell said Dart on Monday had filed suit against the Federal Securities Commission for authorizing the issuance of shares in the large Yukos subsidiary Samaraneftegaz.


The commission registered the issue last week after a Samara court ruled that Yukos could go ahead with its plans.