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. Last Updated: 07/27/2016

Request for Yukos Probe Rejected

An Amsterdam court on Friday rejected a request for an investigation into the management of bankrupt oil firm Yukos' Dutch unit.

Promneftstroi, an investment vehicle controlled by U.S. businessman Stephen Lynch, in August agreed to buy the unit, Yukos Finance BV, for $305.8 million. The transaction was effectively canceled in October by a Dutch court when it ruled that the oil company's Russian bankruptcy administrator had no right to sell its Dutch assets.

Promneftstroi does not qualify as an authorized shareholder and therefore cannot submit a request for an investigation, the Amsterdam Court of Appeal's Enterprise Chamber, headed by Judge Huub Willems, said Friday in a faxed statement. Duco Oranje, a lawyer for Clifford Chance in Amsterdam who represented Promneftstroi in court, did not immediately return a telephone call seeking comment.