19 May 2004 12:33
Russian oil company Yukos receives default warning on loan
Moscow, 19 May: Russia's largest oil company, Yukos, has received notice from a creditor of a possible default
on a US 1.6bn-dollar pre-export loan, Yukos' press service reported on Wednesday [19 May]. The loan was arranged by
France's Societe Generale.
The bank allowed Yukos and its affiliated companies to carry out unlimited trade export operations connected with the
loan. However, the bank said that it may exercise its rights regarding Yukos' bank accounts as the funds in them
were used to secure the loan, Yukos said.
In April, Yukos received a letter from banks participating in a loan worth 1bn dollars warning of a possible
default.
The banks cited Russia's tax ministry's tax claim of R99.38bn as the reason for the issued warning.
After that, Yukos' chief financial officer, Bruce Misamore, said the company could get another warning in
respect of the 1.6bn-dollar loan, as the conditions of the two loans were almost identical. Misamore then dismissed the
ministry's claims as political and unjustified.
[Prime-TASS news agency] |
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