27 May 2004 15:22
Russia`s Yukos fears it may be hit with fresh tax demand for 2001
Moscow, 27 May: The Yukos oil company believes it may go bankrupt even before the end of 2004.
"A legal ban on the sale of any assets, including share packages belonging to the company, is currently in
force. Until this ban is lifted, the sale of assets to raise liquid funds is impossible. Consequently, if the Ministry
of Taxes and Levies [this ministry was abolished in Putin's decree of 9 March 2004] continues its present course of
action, we can assume with a high degree of certainty that the company will become bankrupt even before the end of
2004," says a Yukos press release.
"We are duty-bound to inform our creditors and shareholders of this in good time," the press release
notes.
On Wednesday [26 May] Moscow's Arbitration Court, ruling on an application by Russia's Ministry of Taxes
and Levies, said Yukos owed additional tax on its profits for 2000, taking account of penalty charges and fines
amounting to R99.4bn (3.4bn dollars).
"We also have a duty to inform the company's shareholders and creditors of investigations which the Federal
Tax Service is carrying out into Yukos's tax payments for 2001. We believe there is a risk that claims similar to
the ones mentioned above may be made against the company," the company's statement says.
At the present time Yukos is not conducting talks with its shareholders or with people interested in acquiring fresh
shares to cover the expected shortage of liquid funds in the event that the court ruling is upheld. "All we know is
that the main shareholders in the Yukos oil company (the Menatep group and the Millhouse group) have not submitted any
proposals on this to the company's board of directors," the statement says.
[Interfax news agency] |
RUSSIA IN FACTS
