Russian Justice Ministry to sell part of Yukos for back taxes

Russia's Justice Ministry said Tuesday that it would sell off a subsidiary of Yukos Oil to satisfy unmet claims for back taxes owed by the mammoth Russian oil company. As previously reported on JURIST's Paper Chase, a Moscow court ruled Monday that Yukos owed the state almost $1.34 billion in fines connected to unpaid taxes from 2001 alone; its total debt is said to be over $3.7 billion. The value of the subsidiary to be sold has been set at just over $10 billion, somewhat less than previous estimates. Yukos has been under a legal cloud ever since its erstwhile CEO, pro-opposition Russian tycoon Mikhail Khodorkovsky, was arrested last year for fraud and tax evasion. From Moscow, Mosnews.com has more in English.

 

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