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News // Companies

YUKOS Writes Letters to Government

16 June 2004 , 09:16509
Russia's oil giant YUKOS, which has been under investigation of government almost a year, has addressed the government to lift a freeze on the sale of its assets, because it will inevitably lead to bankruptcy.
In a letter to Russia?s Prime Minister Mikhail Fradkov, YUKOS management asks the government to restructure the company's debt, by lifting on the freeze on the company's assets. If the freeze is lifted, the company will be able to pay 70 per cent of its tax debt by the end of the year.

On May 26, Moscow's Arbitration Court maintained demand by the tax ministry for $ 3.5 billion in unpaid taxes for 2000, as well as extra fines and interest. An appeal on the ruling is to be heard on Friday.

As for YUKOS, it is not able to pay the bill while its assets are frozen. However, there is a little hope that the government will hear the entreaty.

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