Corp-Ethics.com - Report: Yukos forced to pay $3bn tax bill

Company	Yukos [Company Info]
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Date	Issue	Title
29th Jun 2004	Other Issue	Yukos forced to pay $3bn tax bill

Report

A Moscow court has ruled that Russian oil giant Yukos will have to pay almost 100bn roubles ($3.4bn: £1.9bn) in back taxes to the Russian authorities.

Yukos has previously said it would be forced into bankruptcy if it was forced to pay the bill immediately.

Regulators say Yukos misused onshore tax havens but Yukos says the tax arrangements it used were legal.

Earlier this month, President Vladimir Putin said the authorities did not wish to see the embattled oil giant go bust.

The company had earlier said it was hoping for an out-of-court settlement with the tax service.

But Elena Alexandrova, who represents the ministry at the hearing told Reuters news agency that her team had "no intention of an amicable agreement".

The company's former head, tycoon Mikhail Khodorkovsky, is presently in prison facing charges of tax evasion and fraud.

It is not yet clear whether tax officials will demand Yukos make the back payment immediately, a move which could bankrupt the company which presently has its assets frozen.

Mr Khodorkovsky's arrest last October spread ripples of alarm through Russia's business community.

The case against Yukos has been seen as a government-inspired move to punish Mr Khodorkovsky for funding opposition political parties.

Yukos shares lost 3% on news of the ruling but then regained value.

Other Reports on Yukos
Date	Issue	Company	Report
31st Mar 2006	Fraud Investigation	Yukos	Yukos to face fraud allegations
6th Oct 2005	Fraud Investigation	Yukos	Yukos offices are raided in probe
20th Jul 2004	Fraud Investigation	Yukos	Oil giant Yukos faces dismantling
22nd Apr 2004	Fraud Investigation	Yukos	Tax police raid oil giant Yukos
16th Apr 2004	Fraud Investigation	Yukos	Moscow court freezes Yukos assets

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