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News // Politics

Putin Promises Not to Destroy YUKOS, Shares Soared

18 June 2004 , 08:32743
Russia?s President Vladimir Putin declared Thursday on the sidelines of a summit in Uzbekistan, that the government does not want national oil major YUKOS to go bankrupt.
He said that YUKOS?s legal troubles were aimed at bringing it under state control. Now former YUKOS head Mikhail Khodorkovsky has been fighting claims that it owes $3.4 billion in taxes.
The Company?s managers have warned that they could declare bankruptcy if forced to pay the claim immediately. They asked the government to lift the assets freeze to become able to pay the debt.
Saying that YUKOS's debts are a matter for the courts, Putin emphasized, that ?the government will try to act so as not to destroy this company".
After Putin?s statement YUKOS shares climbed by 36 percent during the trade, and closed rising by 24 percent to $8,32 at the RTS, Russian biggest national stock exchange, although they had dropped sharply in recent days with growing talk of a possible bankruptcy.

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