Russian Government officials opened the way for a fire sale of Yukos' main production unit Yuganskneftegaz as payment for the oil major's crippling tax debts Tuesday
Published:
21 July 2004 y., Wednesday
Russian Government officials opened the way for a fire sale of Yukos' main production unit Yuganskneftegaz as payment for the oil major's crippling tax debts Tuesday, a move that would effectively mean the end of Yukos as Russia's leading oil producer.
In a statement that shocked a market that had still hoped Yukos would not be broken up, the Justice Ministry said it was earmarking the Siberian production unit, which produces 60 percent of Yukos' total oil output, for sale.
"After valuation, the stake in Yuganskneftegaz will be handed over to a special organization for sale," the ministry said in a statement, as it announced that court marshals have frozen the shares of all Yukos production units -- Yuganskneftegaz, Samaraneftegaz and Tomskneft VNK.
The shares were seized as the authorities attempt to squeeze $3.4 billion from Yukos in back taxes for 2000.
The announcement came as former Yukos CEO Mikhail Khodorkovsky and his business partner Platon Lebedev returned to a Moscow courtroom for their trial on alleged massive tax evasion and fraud charges. Both face up to 10 years in jail if convicted.
Šaltinis:
themoscowtimes.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
In another move to strengthen the financial system, the Commission is proposing controls on credit rating agencies - private companies that evaluate financial risks for investors.
more »
Monday 10 November saw a large report land on the desk of MEPs in the Budgetary Control Committee.
more »
EU wants G20 meeting to pave the way for reform of the international financial system.
more »
New Yorkers reflect on the election of Barack Obama as the 44th President of the United States.
more »
The ability of the EU's common agriculture policy (CAP) to cope with the challenges of affordable food and climate change was discussed in Brussels 3-4 November.
more »
European Union economic growth should be 1.4% in 2008, half what it was in 2007, and drop even more sharply in 2009 to 0.2% before recovering gradually to 1.1% in 2010 (1.2%, 0.1% and 0.9%, respectively, for the euro area).
more »
There are an estimated 4-8 million immigrants working illegally in the European Union.
more »
Hit by economic turmoil and the sharp global downturn, growth in the EU slows almost to a halt.
more »
The top priority is to cushion the impact of the financial crisis on jobs, purchasing power and prosperity of EU citizens.
more »
The International Monetary Fund has approved short-term financing to help emerging market economies weather the global financial storm.
more »