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
The EU should act in a united fashion to tackle the financial market crisis, and Member States should avoid unilateral steps which cause problems for their neighbours, according to most of the MEPs taking part in the debate on next week's EU summit and the financial turmoil.
more »
Following the decision by the Economic and Financial Affairs Council (ECOFIN), the Government of Lithuania raises deposit guarantee protection for individuals from EUR 22,000 up to EUR100,000, demonstrating the credibility of Lithuanian finance sector and safety of deposits at financial institutions.
more »
As banks tumble like bowling pins and confidence plummets, Thursday sees MEPs consider whether to back wider financial regulation.
more »
On 6 October, the Embassy of Latvia to Lithuania received a reply to the note of Latvian Ministry of Foreign Affairs regarding the ruling of Vilnius District Court pertaining to the Latvian company airBaltic and Riga’s airport on the basis of the request of the Lithuanian company flyLAL.
more »
Lithianian Development Agency in cooperation with the Lithuanian Embassy to the United Kingdom of Great Britain and Northern Ireland as well as Alro Group, a real estate investment consultant, based in London, present “The Lithuanian Economic Forum” which will take place on October 8 in London.
more »
Italian Prime Minister Silvio Berlusconi thinks that the closedown of Ignalina NPP might be postponed and affirmed this opinion to Lithuanian Prime Minister Gediminas Kirkilas who is presently on a working visit to Rome.
more »
Open Collaboration Portfolio Integrates Cisco Unified Communications, Cisco TelePresence and Cisco WebEx.
more »
Wincor Nixdorf's portfolio of software solutions for the branch business of postal services providers, PC/E Postal Solution Suite, has been newly structured and expanded to include additional functionalities.
more »
Session to Focus on How Enterprises Can Proactively Reduce Risk.
more »
The revised GDP growth rate in II quarter 2008 equalled 5.2 per cent.
more »