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Article: $28 Million Judgment to New York Based Joy-Lud Distributors International Blocked by Russian Authorities
- Article from:
- U.S. Newswire
- Article date:
- July 27, 2009
CopyrightCopyright 2009 U.S. Newswire. Provided by ProQuest LLC. (Hide copyright information)
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To: LEGAL AFFAIRS EDITORS
Contact: Eve McGrath, +1-212-843-8490, emcgrath@rubensteinpr.com
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 $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 ...