French Court Lifts Attachment from RSCC’s Eutelsat Receivables

 

The enforcement judge (juge de l'exécution) of the High Court of Paris (Tribunal de grande instance de Paris) entered a decision on 15 April 2015 to lift the attachment from the receivables owed by EUTELSAT to RCSS under their current contracts, obtained earlier by the Cypriot company Hulley Enterprises, YUKOS’s former shareholder.

 

The French court has held that the attached assets did not belong to the Russian Federation but were the property of RSCC. Consequently, and therefore, they could not be identified as the Russian Federation’s debt.

“We are satisfied with the equitable decisions of the French court”, commented Yuri Prokhorov, RSCC Director-General. “Also, we are looking forward to further successful cooperation with our strategic partner, Eutelsat, in satellite communications and digital broadcasting”.

The Russian Satellite Communication Company (RSCC) is the Russian state satellite operator whose spacecraft provide a global coverage. RSCC belongs to the ten largest world satellite operators in terms of satellites and orbital slots.