Bankers` warning puts more pressure on Yukos
ByLine: By ANDREW JACK
Yukos, the embattled Russian oil group, yesterday said that it had received a
technical warning from bankers, in the event of default on loans of Dollars
1.6bn - the latest sign of further potential financial problems.
The news came as a Moscow court yesterday deferred hearings on a claim
brought by tax authorities for an additional Dollars 3bn from 2000 against
the company, amid concerns that further demands for subsequent years could
soon follow.
The bankers' action last month - along with a freeze on the disposal of
Yukos assets - has already caused another banking syndicate, which lent
Dollars 1bn, to issue a similar technical notice. The notifications allow the
banks to claim security against their loans on bank accounts containing
export earnings on oil sales.
The latest warning comes from Societe Generale as the agent of the Dollars
1.6bn loan but it is backed by Menatep, the company controlled by Yukos'
core shareholders led by Platon Lebedev and Mikhail Khodorkovsky, who are
both being held in detention in Moscow on fraud charges. Menatep is believed
to have taken back the loan from the bank.
Yukos' share price fluctuated during the day, dropping sharply on news
of the technical notice and then rising after news of the deferred hearings.
Bruce Misamore, chief financial director, yesterday played down the
significance of the latest default notices, reiterated his defence that the
tax claims were retroactive and unjustified and said the company could afford
to pay unless further levies were imposed. However, he said Yukos was in the
process of concluding a deal with its bankers, which could lead to more rapid
repayment and higher interest on their Dollars 2.6bn loans.
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