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Article: US$28 Million Judgment to New York Based Joy-Lud Distributors International Blocked by Russian Authorities.
- Article from:
- PR Newswire Europe
- Article date:
- July 27, 2009
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NEW YORK, July 27 /PRNewswire/ --
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 US$28 million, which has accrued to over US$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 US$28 million arbitration award against Moscow Oil Refinery encountered by Joy-Lud ...