Home Add to Favorite Contact Submit  
           21 October, 2019


    
Category:  Press » Miscellaneous

 

$28 Million Judgment to New York Based Joy-Lud Distributors International Blocked by Russian Authorities

Popularity:
         Views: 1780
2009-07-27 04:59:47     
Joy-Lud Distributors International, Inc.

Joy-Lud Distributors International, Inc., a former leading oil product distributor based in New York City, won landmark arbitration against OJSC Moscow Oil Refinery (MOR) in 2005. Joy-Lud was awarded a sum of $28 million, which has accrued to over $40 million. Presently the documents used by the Russian bailiffs for enforcement have been seized by local Moscow authorities and the bailiffs have failed to take any action to collect the award for over a year.

"There is a strong inference of a link between the problems in enforcing the $28 million arbitration award against Moscow Oil Refinery encountered by Joy-Lud Distributors International, Inc. and certain Russian figures of power. This is based on an article in the Russian newspaper Kommersant, July 23, 2009, and from statements made in the London Commercial Court," stated Gene Burd, counsel to Joy-Lud Distributors International, Inc., of the law firm Marks Sokol & Burd, which focuses on Russia and Ukraine.

The Kommersant article refers to the Chalva Pavlovich Tchigirinsky case against Orton Oil Company Limited and Bronson Partners Corporation presently pending in the London Commercial Court. Mr. Tchigirinsky, a major shareholder of the London based Sibir Energy and a former member of the board of both Sibir Energy and Moscow Oil Refinery as well as the former President of the Moscow Oil & Gas Company, a controlling shareholder of Moscow Oil Refinery, claims in the lawsuit that he and Ms. Elena Baturina, according to Forbes Magazine one of Russia's richest women and wife of the Mayor of the City of Moscow, were partners in real estate and oil related projects. Tchigirinsky's lawyer states in documents filed with the court that Ms. Baturina enabled business operations by facilitating them on an administrative and political level. While Ms. Baturina denies the existence of the partnership, a copy of the document purportedly evidencing the partnership allegedly signed by both Ms. Baturina and Mr. Tchigirinsky was published by Kommersant on July 23, 2009.

In addition to these findings, according to Richard L'Altrelli, General Counsel to Joy-Lud, "it is common knowledge that Ms. Baturina is the President and beneficial owner of CJSC Inteco. Inteco became a business partner with MOR in 1997, which was also the same time that the Moscow City government became a majority shareholder in MOR. Ms. Baturina's husband was the Mayor of Moscow at that time as well. Once this occurred, Inteco became the major purchaser from MOR and almost immediately, MOR terminated two contracts with outside vendors, one with Fiber Technologies International Ltd. and the other with Joy-Lud." Both Fiber Technologies and Joy-Lud are owned by Russian emigre, American businessman and real estate entrepreneur, Tamir Sapir.

Gene Burd stated, "the arbitrary actions of the Moscow authorities is a telling example of what President Dmitry Medvedev called 'legal nihilism' and that the rest of the world unfortunately has come to expect from the 'Russian business as usual'. Joy-Lud is presently considering all of its legal options, including referring this matter to appropriate authorities in relevant jurisdictions," added Burd.

On January 22, 2008, the High Arbitrazh Court of the Russian Federation, Russia's highest commercial court rejected for at least the second time MOR challenges to the enforcement of the 2005 landmark $28 million award won by Joy-Lud Distributors International, Inc. The 2005 award was granted by international arbitration in Stockholm.

CONTACT:
RUBENSTEIN PUBLIC RELATIONS
Contact: Eve McGrath
Phone: 212-843-8490

Specialized in: Judgment - Joy-lud Distributors - International Blocked - Russian Authorities
Print press release      Bookmark this page
Related Press releases 
Future Electronics and Indium Corporation Announce Global Distribution Agreement (Popularity: ): Pointe Claire, Quebec ( press.abc-directory.com ) November 6, 2017 - Future Electronics, a global leading distributor of electronic components, has announced a new global distribution agreement with Indium Corporation.Indium is a premier materials supplier to the global electronics, semiconductor, thin film, thermal management, and solar markets. Their products include solders and fluxes, brazes, thermal interface materials, sputtering targets, indium, gallium, germanium, tin metals, and inorganic compounds.Future Electronics ranks third in ...
Larson Electronics Releases Remote Control Light Tower with Dual HID Lamps (Popularity: ): KEMP, Texas, Feb. 11, 2013 -- Larson Electronics has announced today the release of the WAL-TP-2XGLM-H-1227 Portable Telescoping Light Tower with dual remote controlled HID spotlights designed for high power and easy deployment and operation. Featuring an adjustable tripod and dual magnetic mount remote control spotlights, this portable light tower is ideal for events and worksites where high output and easy deployment is desired.Larson Electronics' WAL-TP-2XGLM-H-1227 remote controlled dual spotlight ...
The SI Names Brett Dody to Lead Intelligence Systems Group (Popularity: ): CHANTILLY, Va., Aug. 17, 2011 -- The SI Organization, Inc. (the SI) has named Brett Dody as the vice president of its Intelligence Systems Group.Dody joined the SI last year after retiring from government service, where he supported the Intelligence and Defense communities throughout his distinguished federal career. In his new role, he will oversee a line of business that supports Intelligence Community customer missions through systems integration and engineering ...
U.S. News Media Group Announces Most Connected Hospitals (Popularity: ): WASHINGTON, July 19, 2011 -- U.S. News Media Group today announced a list of the Most Connected Hospitals. The new list identifies U.S. News-ranked hospitals that are significantly advanced in the adoption of electronic medical record systems.We live in a digital age. We use electronic systems to connect with others, to entertain ourselves, and to compare the quality of myriad goods and services, including hospital care.Yet inside the walls of ...
New Portable Electric Paddock from Woodstream Easy to Use (Popularity: ): LITITZ, Pa., June 21, 2011 -- Woodstream Corporation, a global manufacturer of animal control products including FiShock and Zareba brand of electronic containment systems that provide safe, economical alternatives to barbed wire fencing, has introduced the FiShock Portable Paddock for horses. Designed to contain four to five horses for a short period of time, the portable paddock is ideal for any area for which a temporary horse enclosure is needed, ...


Related Business 
National Judgment Recovery Center (Popularity: ): At National Judgment Recovery Center, we buy judgments and help make the judgment recovery process faster. After all, if you have won a money judgment, you probably realize winning a judgment and getting your money isnt always the same thing. That's where National Judgment Recovery Center helps. We pay you cash for your judgment*. If you've won a lawsuit but are having trouble with the judgment recovery process, contact us.
International Federation of Arabian Horse Racing Authorities (Popularity: ): The IFAHR Authorities and its members aim to achieve the highest possible standard within this international sporting event.
DKT India (Popularity: ): DKT India is an affiliate of DKT International, USA. It was established in 1992. Since 1989, the nonprofit organization DKT International has been promoting family planning and HIV/AIDS prevention. DKT has 19 programs in 18 countries and in 2011 provided and sold 650 million condoms, more than 72 million cycles of oral contraceptives, and over 14 million injectable contraceptives, 1 million IUDs, and 12 million misoprostol pills. Last year, DKT’s ...
HK Investigations, Inc. (Popularity: ): New York based judicial judgment recovery firm.
Judgments Corner (Popularity: ): Judgments Corner is customized judgment research Services Company offering judgment research, judgment leads for collection and judgment collection services for the benefit of judgment collection industry.
Blocked Drains - Know about Drain Unblocking Services (Popularity: ): Blocked drains are one of the most common problems faced in any household without any warning. We have a machine to do almost anything to clear blocked drains with simple techniques at affordable prices. For more details visit our website.
Russian Troika (Popularity: ): Translation, interpreting and instruction in Russian and English by native Russian speaker, USA based.
Russian Art & Paris (Popularity: ): "Russian Art & Paris" is a biweekly Art Internet-Journal published in New York, USA in English, French, and Russian. The journal introduces the work of contemporary artists of the Russian school of art, and addresses a broad audience of visual art professionals and art lovers.
Global Funding Inc. (Popularity: ): National and International corporate investment loans from US$1 Million to US$200 Million.
Pei Cobb Freed and Partners Architects LLP (Popularity: ): Projects for major corporations, private developers and public authorities, as well as educational, cultural and religious institutions.Based in New York City.