16 June 2004 09:23
Menatep offers to be guarantor of some Yukos tax arrears (Part 2)
MOSCOW. June 16 (Interfax) - Group Menatep Ltd, the largest shareholder in Yukos oil company, has announced it is
ready to offer the government proportional guarantees on the payment of Yukos tax arrears.
Yukos chief executive Simon Kukes late last week asked principal Yukos shareholders for such guarantees.
Yukos petroleum company shareholders - to offer creditors their
guarantees for a sum that exceeds the arrears by a minimum of 20%,"
"In case a situation arises where the company is unable to pay the Ministry of Taxes and Levies the tax sum set
by the Arbitration Court, and it has been impossible to reach an agreement on installment payment and debt
restructuring, current legislation allows 'debt participants' -
The Moscow Arbitration Court will consider on June 23 an appeal by
the Tax Ministry against a ruling to suspend an April 14 order by the
Kukes said in a letter to shareholders.
"In view of the fact that Group Menatep, as the controlling shareholder, appointed the company's managerial
bodies, and in effect managed it in the periods in which the grievances of tax authorities against the company go back,
it would be fair in regard to the minority shareholders that the group should offer Yukos guarantees in connection with
the suits from tax authorities at least in an amount that reflects the share of the group in the joint stock,"
Kukes said.
Menatep is Yukos's biggest creditor, having lent the company $1.6 billion.
ministry that Yukos pay its alleged tax arrears.
The ministry accuses Yukos of tax evasion through the use of so- called domestic offshore zones.
After finishing a tax audit of Yukos for 2000 on April 14, the ministry ordered the company to pay more than 99
billion rubles.
The Moscow Arbitration Court suspended the order on May 19, but on May 26, it satisfied a suit from the ministry by
ordering Yukos to pay the sum.
On June 1, the court upheld its May 19 ruling to suspend the April 14 order. The ministry appealed the decision. A
hearing of the appeal was scheduled for June 16.
On June 11, the Arbitration Court, satisfying another appeal by the ministry, decided to replace the judge dealing
with a Yukos suit against the ministry. [RU EUROPE EEU EMRG LAW OIL CRU PROD ELG ENR] as tl
[Interfax] |
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