CYIL 2015

THE HIGHEST AMOUNTS OF JUST SATISFACTION… damage but in seven out of ten cases non-pecuniary damage as well. The Court explained in its case-law that a legal entity may suffer non-material damage as a result of hardship of its reputation and suffering of the members of the management team. 72 In the three out of ten judgments the protection was provided to companies which are not residents of the respondent state. Moreover, in the Yukos case the applicant company ceased to exist and the award is to be paid to its shareholders. Some of them are also foreigners. The former owners of the OAO Neftyanaya Kompaniya Yukos were also successful before the Permanent Court of Arbitration in 2014, when they received the largest arbitration award in the history of this institution, amounting to USD 50 billion (EUR 37,2 billion). 73 On this basis, it is possible to conclude that the procedure before the Court may serve as a type of protection of foreign investments. It is free of charge, and in some cases the process may take no longer than before the courts of arbitration. In view of the sums received by the legal persons, as seen from the table, it may appear that good lawyers would be interested in representing such clients as a new direction for their business. They will be paid more, and, as a result, will provide legal entities with a higher quality of legal services. This again could lead to new judgments with millions and billions of euros in just satisfaction relating to businesses.

72 Comingersoll S.A. v. Portugal [GC], no. 35382/97, § 35, ECHR 2000-IV. 73 Final Awards of 18 July 2014 in the cases of Hulley Enterprises Limited (Cyprus) v. The Russian Federation ; Yukos Universal Limited (Isle of Man) v. The Russian Federation ; Veteran Petroleum Limited (Cyprus) v. The Russian Federation .

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