Court rules against Yukos in RUR 99.4 billion tax case
Posted: 30 June 2004
The Appeal Arbitration Court of Moscow upheld today, in a virtually unchanged ruling, the earlier ruling of the same court regarding the collection from YUKOS Oil Company of RUR 99.4 billion in taxes, penalties and fines for the year 2000 and enforcement of the latter.
YUKOS confirms its commitment to adhere to all laws in its business operations, will take all necessary steps to follow the rulings of the Moscow Arbitration Court and will be fully cooperative with the Russian executive and other government agencies, subject to having exhausted all of its rights as a taxpayer under Russian law.
YUKOS is hopeful that the refusal of the Tax Ministry to consider proposals made by the Company for an amicable settlement does not indicate that forcing the Company into artificial bankruptcy is the ultimate goal of the Tax Ministry. This will definitely not be in the interest of the Russian Federation , YUKOS' 60 thousand shareholders, its 105 thousand employees or the many suppliers and customers of the YUKOS Oil Company. Further, the actions of the Tax Ministry may conflict with statements made by President Vladimir Putin, Finance Minister Mr.Kudrin and other members of the government regarding "no intention on the part of the government to bankrupt YUKOS Oil Company".
YUKOS reconfirms that it has paid in good faith all applicable taxes in compliance with Russian law. To this end, YUKOS will continue to use all available legal recourse to further appeal the court rulings and suspend their enforcement.
The management of YUKOS is acting in the interests of all of its stakeholders, with particular consideration for minority shareholders, the Company's employees and creditors, and will do its best to stave off bankruptcy and settle any final adjudicated tax claims with the Tax Ministry.
For more information see www.yukos.com
Posted by Richard Price,
Editor Pipeline Magazine
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