MENATEP Director Tim Osborne said he had filed a complaint against the Russian administration under the terms of the Energy Charter, a treaty ratified by Russia and designed to protect investors, the British newspaper reported. The Energy Charter compensation claim is being made by Hulley and YUKOS Universal, the Cyprus-based vehicles through which MENATEP holds its YUKOS shares, according to the Financial Times.

MENATEP's move is the first aggressive attempt by YUKOS investors to seek redress for the damage caused by the falling share price as a result of attacks by Russian tax authorities that are believed to be politically motivated, the newspaper says. YUKOS shares have dropped by more than 80 percent from their peak last year. If the Russian government fails to reach an amicable agreement within three months, MENATEP has the right to seek international arbitration, the Financial Times concludes.

Earlier, MENATEP said it would “take every possible legal action to prevent the forced sale of YUKOS assets in any form”. In its statement, the group said it was against YUKOS’ bankruptcy. “All actions of MENATEP are aimed at protecting all YUKOS shareholders, both majority and minority shareholders,” the statement said. According to the group, major “uncertainties” in the YUKOS case were caused by Russian government officials, which cannot or do not want to cooperate with YUKOS shareholders.

Marina Lukasheva, an analyst at NIKoil, said Mr. Osborne’s statement would not have any significant effect in Russia, but it would increase tension and add pressure on the oil company. In her opinion, court proceedings will not bring any “dividends” to YUKOS shareholders.

For his part, Dmitry Mangilev of the Prospect investment company sees Mr. Osborne’s statement as an aggressive attempt by key YUKOS shareholders to save at least part of the company’s assets. Following YUKOS’s decision to call an extraordinary meeting to discuss bankruptcy, MENATEP’s statement shows that YUKOS shareholders hoped to retain control over at least some of the assets, he said.

YUKOS is facing tax claims of RUR 193bn for 2002. In addition, YUKOS’s main production subsidiary Yuganskneftegaz has been presented with tax bills of RUR 97.1bn for 2001-2002.

The oil group’s total tax debt for 2000, confirmed by the arbitration court, is RUR 99.4bn (about $3.4bn). Assets of YUKOS’s production subsidiaries – Yuganskneftegaz, Tomskneft and Samaraneftegaz – were frozen by court bailiffs as collateral against the tax debt. The Russian government is going to put Yuganskneftegaz up for sale.