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Article: $28 Million Judgment to New York Based Joy-Lud Distributors International Blocked by Russian Authorities.
- Article from:
- Women's Health Weekly
- Article date:
- August 13, 2009
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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 (see also Joy-Lud Distributors International, Inc.).
"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 ...