In what has been the largest such ruling of its kind, an international arbitration court in
Loukas Mistelis: There's no appeal mechanism. What there is is a challenge of the award. And the challenge of the award will be an annulment process by national courts that can only be done on procedural grounds.
So [the award could be annulled in that national jurisdiction] if a national court were to find that the tribunal had manifestly exceeded its powers, or there was a significant procedural irregularity or a violation of due process, or the tribunal [was found to be in a country that] shouldn't have had jurisdiction.
So they're entirely procedural grounds. It's not an appeal. An appeal process would effectively modify the decision. The challenge process is that of a process of extinguishing the award, but rarely successful. (Editor's note: After the ruling
Mistelis: What can happen is of course there are different things of different consequences. The refusal of the
The Yukos investors will try to enforce wherever they can enforce. There is a precedent with a case called Franz Sedelmayer versus the
Mistelis: In the
A fleet in the country -- could enforce against a commercial merchant fleet. They could enforce against other property -- for example, a language school which is owned by the
Mistelis: I think it's going to be a long process. It's going to be quite a long process. The Franz Sedelmayer award took nearly 10 years to enforce so I will not be surprised if the Yukos shareholders will need to dedicate 10 or 12 years to recover a substantial part of the award but maybe not the whole award.
Copyright (c) 2011. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty,
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