27 May 2004 03:54
Yukos says it could be bankrupt by year-end (Part 2)
"There is a current court ban on the sale of any assets, including
shares, belonging to the company. While the ban is in place it is
MOSCOW. May 27 (Interfax) - Russian oil major Yukos says it could be bankrupt by the end of 2004.
impossible to sell any assets to raise liquid funds. Consequently, with the Tax Ministry continuing its activities we
can suppose that it is very likely that a state of bankruptcy will occur before the end of 2004," Yukos said in a
press release.
"It is our duty to notify our creditors and shareholders of this in a timely manner," the release says.
The Moscow Arbitration Court on Wednesday decided to recover from Yukos an additional profit tax for 2000, including
fines and penalties, amounting to 99.4 billion rubles ($3.4 billion) based on the Tax Ministry's lawsuit.
"It is also out duty to inform our shareholders and creditors of the tax payment examinations for 2001 carried
out by the Federal Tax Service. We believe there is a risk that claims similar to the above- mentioned ones could be
made on the company," the document says.
Yukos is not currently conducting negotiations with its shareholders or individuals interested in purchasing new
shares to cover the expected deficit of liquid assets in the event that the court ruling is approved. "We only know
that the board of directors has not received any proposals on this issue from one of the main Yukos shareholders
[Menatep and Millhouse groups]," says the release. [RU ASIA EUROPE EEU EMRG ENR CORA] me <>
[Interfax] |
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