Yukos seeks US court action against subsidiary purchaser

[JURIST] Troubled Russian oil firm Yukos will seek a ruling by a US court Wednesday against Baikal Finance Group, which purchased Yukos' primary subsidiary in a Sunday auction. Yukos said it would seek $20 billion in damages from those involved in the auction and to have Baikal's assets frozen, after the Russian government sold the Yuganskneftegas production unit against a US court order last week. Read the company's press release. Since the sale, many in the industry questioned the relative unknown Baikal's motives in purchasing the company, with some alleging that the company was a front for other oil producing companies. Some Russian newspapers have linked the company to Surgutneftegas, the fourth largest oil producer in Russia. State oil firm Gazprom announced Tuesday that it sold its holding company that took part in the Yukos auction to avoid penalties for ignoring the US court order. JURIST's Paper Chase has continuing coverage of the Yukos case. BBC News has more.



 

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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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