Yukos

[pietro66]

YUKOS
xxxxxxxx Announces Class Action Lawsuit
Against Yukos Oil Company
July 6, 2004 – xxxxxxx today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the securities of Yukos Oil Company (“Yukos”) (OTC:YUKOF.PK) (OTC:YUKOY.PK) (Russia:YUKO) between February 13, 2003 and October 25, 2003 (the “Class Period”).

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, xxxxxxx

Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges Yukos, certain of its officers and directors and its accounting advisors with violations of the Securities Exchange Act of 1934. Yukos is one of Russia’s leading vertically-integrated oil companies, and one of the world’s largest non-state owned oil companies.

The complaint alleges that defendants created a complex network of shell companies to evade taxes on the production, refining and sale of oil and oil products. These shell companies were registered in territories with preferential tax treatment to enable these companies to receive special tax exemptions in order to minimize Yukos’ tax liability. Since these shell companies were not separate legal entities, as Yukos maintained control over the operations of these companies, Yukos was required to recognize the full amount of the receipts associated with these transactions for its own tax purposes and was not entitled to the preferential tax treatment these shell companies were granted. Accordingly, Yukos’ tax liability was materially understated and its earnings were materially overstated in violation of GAAP.

Defendants’ scheme began to unravel in October 2003 when the market learned that Russian authorities had arrested the Company’s largest shareholder and CEO, defendant Mikhail Khodorkovsky, and had charged him with fraud, embezzlement and evading taxes on hundreds of millions of dollars that was owed to the government. At this time, the Russian authorities also announced that they would pursue criminal prosecutions against other senior Yukos officials. Ultimately, Yukos, which has been audited by the Tax Ministry of Russia for its fiscal year 2000 tax returns, will be required to pay approximately $3.3 billion for 2000 alone due to its understatement of its tax liability, including interest and penalties. The Tax Ministry intends to audit Yukos’ books for 2001-2003 based upon the same charges. Yukos could ultimately be expected to pay upwards of $10 billion to the Tax Ministry for defendants’ involvement in the illegal tax evasion scheme.

As a result of the revelation of defendants’ wrongdoing, investors have suffered massive damages as the price of Yukos’ securities plummeted. Plaintiff seeks to recover damages on behalf of purchasers of Yukos’ securities during the Class Period (the “Class”).

________________________________________




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Pietro66

[FaGal]

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[FaGal]

SHAREHOLDER CLASS ACTION FILED AGAINST YUKOS OIL COMPANY BY THE LAW FIRM OF SCHIFFRIN & BARROWAY, LLP

Bala Cynwyd, PA - July 12, 2004 -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all purchasers of the of Yukos Oil Company (OTC:YUKOF.PK), (OTC:YUKOY.PK), (Russia:YUKO) (“Yukos” or the “Company”) from February 13, 2003 through October 25, 2003, inclusive (the “Class Period”).

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.

The complaint charges that the Company, Mikhail Khodorkovsky, Platon Lebedeev, and Bruce Misamore, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between February 13, 2003 and October 25, 2003. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company, in order to hide a building and significant tax burden, reported financial statements that were materially and artificially inflated throughout the Class Period by failing to report approximately USD 3.4 billion in taxes; (2) that the Company’s building and significant tax burden totaled approximately USD 3.4 billion, this was accomplished through such deceptive practices, as selling oil at discount rates to the Company’s own shell companies abroad or in tax-exempt zones, which then resold the oil at market rates thereby effectively lowering the tax payments by transferring profits to low-tax or no-tax zone; (3) that the Company and its Individual Defendants knew and/or recklessly disregarded the fact that the approximately USD 3.4 billion tax burden would materially deflate the Company’s overtly “positive”financial results and therefore all statements about future prospects were lacking in any reasonable basis when made: and (4) that as a result of the above, the Company’s reported financial results were in violation of US GAAP.

On October 26, 2003, armed Russian security agents stormed aboard oil tycoon Mikhail Khodorkovsky's private plane during a pre-dawn Siberian refueling stop and arrested him on allegations of massive tax evasion and fraud. This news shocked the market. Shares of Yukos fell $2.42 per share or 16.78 percent to close, on October 27, 2003, the next trading day, at $12.00 per share. On November 29, 2003, two of Russia's biggest oil companies, Yukos and Sibneft, abruptly suspended their landmark merger, unraveling the creation of one of the world's largest private oil producers. On this news shares of Yukos plummeted further. Shares fell an additional 64 cents per share or 5.33 percent to close at $11.36 per share. On December 3, 2003, the Russian government declared that the embattled Yukos oil company and its affiliates owed $5 billion in unpaid taxes, a new escalation of the politically charged campaign against the firm five days before parliamentary elections. Following the announcement shares of Yukos continued to plummet. By December 10, 2003, shares of Yukos were worth $9.51 per share.



Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com.

If you are a member of the class described above, you may, not later than September 10, 2004 move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.

CONTACT: Schiffrin & Barroway, LLP

Marc A. Topaz, Esq.

Stuart L. Berman, Esq.

Three Bala Plaza East, Suite 400, Bala Cynwyd, PA 19004

1-888-299-7706 (toll free) or 1-610-667-7706

Or by e-mail at info@sbclasslaw.com



CONTACT: Schiffrin & Barroway, LLP

[FaGal]

L'AZIONE DI CODICE CATEGORIA DELL'AZIONISTA HA ARCHIVIATO CONTRO YUKOS OIL COMPANY DALLA DITTA DI LEGGE DI SCHIFFRIN & BARROWAY, LLP

Bala Cynwyd, PA - 12 luglio 2004 -- la seguente dichiarazione si è pubblicato oggi dalla ditta di legge di Schiffrin & Barroway, LLP:

L'avviso è dato con ciò che una causa di azione di codice categoria è stata archiviata in unito Dichiara la corte di distretto per il distretto del sud di nuovo York a favore di tutti gli acquirenti del di Yukos Oil Company (OTC:YUKOF.PK), (OTC:YUKOY.PK), (Russia:YUKO) (“Yukos” o i “Company”) dal 13 febbraio, 2003 con 25 ottobre 2003, compreso (il “Class Period”).

Se desiderate discutere questa azione o avere qualunque domande riguardo a questo avviso o i vostri diritti o interessi con rispetto a questi argomenti, mettasi in contatto con prego Schiffrin & Barroway, LLP (vinaccia A. Topaz, Esq. o Stuart L. Berman, Esq.) suoni liberamente a 1-888-299-7706 o a 1-610-667-7706, o via il E-mail a info@sbclasslaw.com.

Le spese di reclamo di che l'azienda, il Mikhail Khodorkovsky, il Platon Lebedeev ed il Bruce Misamore, parti violate 10(b) e 20(a) della Legge di scambio di obbligazioni 1934 e la regola 10b-5 hanno promulgato sotto ciò, pubblicando una serie di dichiarazioni false materiali al mercato fra 13 febbraio 2003 e 25 ottobre 2003. Più specificamente, il reclamo dichiara che l'azienda non riuscita per rilevare e travisata i seguenti fatti avversi materiali che sono stati conosciuti ai difensori o recklessly sono stati ignorati da loro: (1) che l'azienda, nell'ordine per nascondere una costruzione e un carico fiscale significativo, ha segnalato a rendiconti finanziari che sono stati gonfiati materialmente ed artificialmente durante il periodo del codice categoria non riuscendo a segnalare approssimativamente a USD 3.4 miliardo nelle tasse; (2) che la costruzione di Company’s ed il carico fiscale significativo hanno ammontato agli approssimativamente USD 3.4 miliardo, questo è stato compiuto con tali pratiche ingannevoli, come vendere l'olio ai tassi di sconto al Company’s possieda le aziende di coperture all'estero o nelle zone esenti da tasse, che allora hanno rivenduto l'olio ai tassi del mercato che abbassano quindi efficacemente i pagamenti di imposta trasferendo i profitti alla zona di nessun-tassa o di basso-tassa; (3) che l'azienda ed i relativi diversi difensori hanno conosciuto e/o recklessly ha ignorato il fatto che approssimativamente i USD 3.4 miliardo carichi fiscali deflazionerebbero materialmente evidente i risultati di Company’s “positive”financial e quindi tutte le dichiarazione circa i prospetti futuri stava difettando di in tutta la base ragionevole una volta fatto: e (4) che come conseguenza del suddetto, il Company’s hanno segnalato i risultati finanziari erano in violazione di gli Stati Uniti GAAP.

Il 26 ottobre 2003, gli agenti russi muniti di obbligazione stormed a bordo dell'aereo privato di Mikhail Khodorkovsky del tycoon dell'olio durante l'arresto di rifornimento di carburante siberiano di pre-alba e lo hanno arrestato sulle allegazioni di evasione fiscale e della frode voluminose. Queste notizie hanno scosso il mercato. Le parti di Yukos sono caduto $2.42 per la parte o 16.78 per cento alla fine, il 27 ottobre 2003, il giorno di commercio prossimo, a $12.00 per la parte. Il 29 novembre, 2003, due delle compagnie petrolifere più grandi della Russia, Yukos e Sibneft, ha sospeso bruscamente la loro fusione del limite, unraveling la creazione di uno di più grandi produttori di petrolio privati del mondo. Su queste notizie parti di Yukos sono disceso più ulteriormente. Le parti sono caduto 64 centesimi supplementari per la parte o 5.33 per cento alla fine a $11.36 per la parte. Il 3 dicembre 2003, il governo russo ha dichiarato che la compagnia petrolifera assediata di Yukos e le relative filiali hanno dovuto $5 miliardo nelle tasse non pagate, una nuova escalation della campagna politicamente caricata contro i cinque giorni costanti prima delle elezioni parlamentari. A seguito dell'annuncio le parti di Yukos hanno continuato a discendere. Entro 10 dicembre 2003, parti di Yukos erano degno $9.51 per la parte.


Il querelante cerca di recuperare danni a nome dei membri del codice categoria ed è rappresentato dalla ditta di legge di Schiffrin & Barroway, che prosegue le azioni di codice categoria in entrambe dichiara e corti federali durante il paese. Schiffrin & Barroway è una forza di azionamento dietro la riforma di controllo corporativo ed ha recuperato nell'eccesso di miliardo dollari a favore di netto istituzionale ed alto degno i diversi investitori. Per le più informazioni su Schiffrin & Barroway, o firmare in su per partecipare a questa azione in linea, visiti prego http://www.sbclasslaw.com.

Se siete un membro del codice categoria descritto precedentemente, potete non successivamente, del 10 settembre, il movimento 2004 la corte servire da querelante del cavo del codice categoria, se così scegliete. Un querelante del cavo è un partito rappresentativo che si comporta a favore di altri membri del codice categoria nel dirigere la controversia. Nell'ordine da nominare querelante del cavo, la corte deve determinare che il reclamo del codice categoria member’s sia tipico dei reclami di altri membri del codice categoria e che il membro del codice categoria rappresenterà adeguatamente il codice categoria. In circostanze determinate, un o più membro del codice categoria può servire insieme da “lead plaintiff.” La vostra capacità di ripartirsi in alcun recupero, tuttavia, non è influenzata tramite la decisione se o di non servire da querelante del cavo. Potete mantenere Schiffrin & Barroway, o altri consulenti legali della vostra scelta, al serv come vostri consulenti legali in questa azione.

CONTATTO: Schiffrin & Barroway, LLP

Vinaccia A. Topaz, Esq.

Stuart L. Berman, Esq.

Plaza Orientale, Suite 400, Bala Cynwyd, PA 19004 Di Tre Bala

1-888-299-7706 (tributo libero) o 1-610-667-7706

O dal E-mail a info@sbclasslaw.com



CONTATTO: Schiffrin & Barroway, LLP

[FaGal]

Business
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YUKOS Seeks U.S. Bankruptcy
Wed Dec 15, 2004 06:42 AM ET
By Dmitry Zhdannikov and Douglas Busvine

MOSCOW (Reuters) - Russian oil major YUKOS has filed for bankruptcy protection in a U.S. court and will seek an injunction to stop Russia from auctioning off its main production unit on Dec. 19, it said on Wednesday.

YUKOS also petitioned the court to order Russia to arbitration to recover billions of dollars in damages caused by what it called "an unprecedented campaign of illegal, discriminatory and disproportionate" tax claims.

The Russian government will auction Yuganskneftegaz, which pumps 60 percent of YUKOS' total output of 1.7 million barrels per day, for nearly $9 billion to help recover the firm's $27 billion back tax bill.

"The steps we took today were done as a last resort to preserve the rights of our shareholders, employees and customers," YUKOS CEO Steven Theede said in a statement.

"Unfortunately, we believe it was the only resort left."

Russia's State Property Fund said preparations for Sunday's auction were going ahead as planned. Gas monopoly Gazprom is expected to win the contest and is lining up record financing for its bid.

Lawyers -- and even YUKOS' main shareholder -- doubted the YUKOS legal gambit would win it a stay of execution. Three of YUKOS' independent directors quit on Wednesday, suggesting a possible board rift over the bankruptcy filing.

WORLDWIDE JURISDICTION

YUKOS said it filed for Chapter 11 protection from creditors and requested an emergency hearing in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.

It argued U.S. bankruptcy law had worldwide jurisdiction in its case, as it has major business dealings in Texas and its chief financial operator, Bruce Misamore, is now based there.

The last-ditch bid to stave off the breakup of Russia's top oil exporting company won the support of Menatep, the holding company of jailed YUKOS founder and main shareholder Mikhail Khodorkovsky.

"If they've decided this is what they should do, then we support it,"said Menatep director Tim Osborne.

However, Osborne added he did not think the move would prevent the Kremlin from auctioning Yugansk, which is in Siberia.

"I still think that the auction will go ahead and that it (Yugansk) will be sold at the price that everybody's talking about in the press," he said.

The tax onslaught on YUKOS is widely seen as a Kremlin campaign to punish Khodorkovsky, now on trial for fraud and tax evasion, for posing a political challenge to President Vladimir Putin.

"I don't think they have a chance of freezing the asset sale process," said one international bankruptcy lawyer. "If YUKOS tried to freeze that process then the Russian government would step in, for example to nationalise the company."

Chapter 11, under which companies are granted protection from creditors to give them breathing space to reorganize, would only be appropriate if YUKOS' creditors were mainly based in the United States, and not Russia, the lawyer added.

GAZPROM SEEN THE WINNER

Khodorkovsky has offered to pay the back taxes gradually and cede his shares to the state to avoid the collapse of YUKOS and protect minority investors, who own 25 percent of YUKOS.

But the government decided instead to auction Yugansk in a move seen as helping the Kremlin regain control over Russia's oil riches, lost in the chaotic privatisations of the 1990s.

A group of YUKOS minority shareholders placed a full-page advertisement in the Financial Times on Wednesday urging investors to join legal action against whoever buys Yugansk and the lenders who support the transaction.

Gazprom, the only declared bidder, has already started syndicating Russia's largest ever loan facility of around 10 billion euros via ABN Amro, BNP Paribas, Calyon, Deutsche Bank, Dresdner Kleinwort Wasserstein and J.P. Morgan.

YUKOS also said it was seeking an order from the Houston court to restrain the Russian government, auction bidders and financiers from participating in the Yugansk sell-off.

Once Russia's largest firm by market capitalization, YUKOS is now worth less than $2 billion, compared to over $40 billion last year.

Its shares slumped another 12 percent on Wednesday to 20.80 roubles ($0.74), their lowest since July 2000, before being suspended from trade by the MICEX exchange for one hour until 6:45 a.m. EST.

(Additional reporting by Tom Bergin and Gerard Wynn)

($1=27.99 Rouble)

[FaGal]

Yukos: Avvia Procedura Bancarotta, Ma Lo Fa In Texas/Ansa

(di Alessandro Logroscino) (ANSA) - MOSCA, 15 DIC - Si profila un conflitto tra Russia e Stati Uniti sul destino del colosso petrolifero privato russo Yukos, che ha avviato oggi una procedura di bancarotta dinanzi a una corte di Houston, nel Texas, chiedendo la protezione della legge americana di fronte all'offensiva fiscale e giudiziaria subita in patria. Offensiva che sta mettendo in ginocchio la compagnia (titolare di oltre il 20% dell'intera produzione di greggio russa) e che gli azionisti denunciano come un "esproprio" mascherato a opera del Cremlino.
La procedura di bancarotta, che rappresenta l'ultimo tentativo di arrocco da parte degli azionisti, non è giunta inattesa. A sorprendere, anche se fino a un certo punto, è stata invece la scelta di rivolgersi alla giustizia americana e non a quella russa, dinanzi alla quale la holding si è vista contestare negli ultimi mesi - senza spiraglio alcuno alle tesi difensive - un contenzioso fiscale salito gradualmente fino all'astronomica cifra di 25 miliardi di dollari. Il ricorso alla legge americana sui fallimenti, che si attribuisce giurisdizione su scala mondiale in materia di tutela dei debitori, è stato presentato mentre il patron di Yukos, Mikhail Khodorkovski, il magnate entrato in rotta di collisione con il presidente Vladimir Putin, resta rinchiuso in un carcere di Mosca. E a pochi giorni dall'asta convocata per il 19 dicembre dalle autorità russe per la liquidazione di Yuganskneftegaz: la megasussidiaria da cui dipende il 60% delle estrazioni del gruppo, messa in vendita forzosa e destinata con ogni probabilità a passare nelle mani di Gazprom, gigante moscovita del gas a partecipazione statale.
Ai giudici texani il management della compagnia ha chiesto la tutela prevista dal 'chapter 11' della legislazione statunitense per i casi di bancarotta, a garanzia dei diritti dei propri azionisti, creditori, dipendenti e clienti. E in primo luogo ha chiesto di riconoscere come illegittima la messa in liquidazione a copertura dei debiti fiscali di Yuganskneftegaz, considerata come una misura "sproporzionata", capace di produrre "un danno immediato e irreparabile" all'azienda. In un comunicato diffuso a Mosca, mentre in Borsa i suoi titoli perdevano altri 10 punti e subivano l'ennesima sospensione per eccesso di ribasso, la major ha spiegato d' essersi rivolta alla corte di Houston poiché essa ha competenza su uno dei centri mondiali del mercato petrolifero e poiché Yukos ha in Texas "attivi e operazioni", oltre alla attuale sede del suo direttore finanziario, Bruce Misamore.
Nel comunicato, firmato dall'amministratore delegato dell' impero di Khodorkovski, l'americano Steven Theede, si sottolinea che "il management ha lavorato senza risparmio e in buona fede per allacciare un dialogo con le autorità russe in modo da trovare un compromesso" in grado di evitare la bancarotta: uno sbocco che, almeno a parole, anche il presidente Putin aveva più volte affermato di voler scongiurare assicurando - malgrado le convinzioni dei più - che dietro il caso Yukos non ci fossero manovre politiche e di redistribuzione di richezze a vantaggio del potere attuale.
Secondo Theede, tuttavia, l'establishment di Mosca ha ignorato all'atto pratico ben "70 diverse proposte" fatte dalla compagnia per trovare una via d'uscita: inclusa l'offerta d'acquisto del pacchetto di controllo detenuto da Khodorkovski e da altri soci invisi al Cremlino reiterata ancora ieri da una cordata d'investitori residenti in Gran Bretagna (in parte mediorientali) riunita dal businessman britannico d' origine russa Konstantin Kagalovski, ex azionista di minoranza di Yukos ed ex rappresentante del governo di Mosca nel Fmi.
Di fronte a questo atteggiamento - prosegue Theede - "il passo intrapreso oggi a Houston costituisce la nostra ultima risorsa per preservare i diritti di azionisti, creditori, clienti", oltre che "dei nostri 110.000 dipendenti".
L'amministratore delegato è tornato poi a bollare l'attacco del fisco russo come il frutto di "un'applicazione selettiva e retroattiva della legge, impropria tanto secondo il diritto russo quanto secondo quello internazionale", fondata su "pretese evidentemente esorbitanti" pari a "oltre il 100% dei redditi lordi registrati dalla compagnia nel 2001 e all'80% di quelli del 2003". Una "aggressione" che "contrasta con la stessa politica fiscale" di stampo liberista adottata dal governo di Mosca in questi anni, che ha causato perdite alla holding "per un ammontare approssimativo di 38 miliardi di dollari in termini di valore di mercato" e che di fatto si configura come un "esproprio" da parte dello Stato.
Accuse già respinte dalle autorità giudiziarie russe, le quali nei giorni scorsi hanno affidato alla Procura generale una sorta di giudizio anticipato di colpevolezza nei confronti di Khodorkovski e soci, additati pubblicamente come responsabili di una "sporca rapina". E che oggi hanno liquidato come un "trucco legale" privo di effetti pratici l'azione avviata a Houston da una compagnia che, "essendo registrata in Russia, non può chiedere una procedura di bancarotta in Texas". Le tasse "vanno pagate", ha tagliato corto lo speaker del senato russo, Serghiei Mironov, un fedelissimo di Putin, che ha definito il ricorso presentato in America da Yukos una "mossa politica". Quasi a dimenticare che proprio sul fronte politico la vicenda rischia di deflagrare definitivamente: allontanando gli investitori stranieri, mettendo a repentaglio la ripresa economica russa e inasprendo ulteriormente una fase già poco brillante dei rapporti Mosca-Washington.
(ANSA).
http://it.biz.yahoo.com/041215/2/31ps6.html

[FaGal]

Update 4: Yukos Wants Judge to Block Auction of Unit
12.16.2004, 01:39 PM

The chief financial officer for Russian oil giant Yukos testified Thursday that the company properly filed its request in Houston when it asked a judge to block this weekend's auction of its main production subsidiary in Moscow.

Bruce K. Misamore testified during a hearing in the first U.S. court action stemming from the company's fight against what has been called a Kremlin-sponsored breakup.

Yukos, which filed for Chapter 11 bankruptcy protection here Tuesday, wants U.S. Bankruptcy Judge Letitia Clark to find the case was properly filed in Houston and wants an emergency order canceling the auction of Yuganskneftegaz planned for Sunday in Moscow.

Russian authorities say Yukos owes $27.8 billion in taxes and had scheduled the auction to pay part of that bill. Yuganskneftegaz produces about 60 percent of Yukos' oil.

Misamore, the CFO since 2001, said the bankruptcy was properly filed in Houston because he operates out of his home office there after getting an "informed message" two weeks ago advising him not to return to Russia. Yukos managers also regularly travel to Houston on business and Yukos subsidiary Petroval has shipped oil to Houston.

"I have conducted that business constantly since I've been here," he said Thursday.

Under cross-examination by Matthew Botika, a lawyer for state gas giant Gazprom, Misamore acknowledged that "substantially all" of Yukos' assets are in Russia. And when asked how many of the company's 100,000 employees are in the U.S., Misamore replied, "As of this time, one," referring to himself.

Misamore said several company officials have been targeted in Russia, and that because of government intimidation and a near perfect conviction rate there, "It's clear you are not going to be able to protect yourself in the Russian judicial system."

Meanwhile, a Moscow court has barred Yukos from holding an emergency shareholders meeting next week, a Russian oil company official said Thursday.

The meeting was to be held one day after the auction of Yukos' largest production unit. Shareholders were expected to vote at the meeting on liquidating Yukos' assets.

The Millhouse Capital group received notice from the Moscow Arbitration Court forbidding the Yukos meeting from going forward on Monday, said John Mann, a spokesman for the Sibneft oil company, which is owned by Millhouse.

Millhouse Capital, which is controlled by Russian tycoon Roman Abramovich, holds about 9 percent of Yukos' shares. a Russian news agency reported Thursday.

In another matter, the ITAR-Tass news agency in Russia reported a high-ranking source in the Moscow Arbitration Court said Thursday that the Yukos Chapter 11 bankruptcy filing in the U.S. will have no legal consequences in Russia.

"Russia has no agreements with the United States that would allow one of the parties to even theoretically influence such processes on the territory of the other," the agency said it was told by the person, who was not identified.

The Moscow Arbitration Court is considering a number of suits and countersuits connected to the 18-month legal assault on the oil giant and its jailed former CEO Mikhail Khodorkovsky.

Khodorkovsky said Thursday that while the bankruptcy filing was "distressing," he couldn't blame the company's managers.

"They have done more than could have been expected of them to save the company and are now trying to protect their personal reputation. Not that this will help the company's shareholders," he said in a statement posted on his press center's Web site.

Yukos said in court papers in Houston the auction won't be conducted "in a commercially reasonable fashion designed to bring the highest price" because the opening bid is to be $8.6 billion while independent assessments of its asset value reach at least $20 billion.

Misamore said in an affidavit that the Russian government forced Yukos into bankruptcy by seizing billions of dollars.

Yukos says the Russian press has reported that the Russian government has ordered Gazprom to bid on the subsidiary. The Interfax news agency also says Gazprom is raising financing for its bid from international banks, including ABN Amro, Calyon, Deutsche Bank, J.P. Morgan and Dresdner Kleinwort Wasserstein.

The company also has asked Clark to order that arbitration proceedings commence between Yukos and the Russian government to enable the company's reorganization and emergence from Chapter 11.

The company claims that the Russian government's conduct "in connection with its tax assessments against Yukos is not in keeping with Russian law or international norms."

The Russian government's targeting of Yukos and its owners has been seen as a Kremlin-driven effort to seek retribution for former CEO Khodorkovsky's funding of opposition parties and complaints of government corruption. Russian president Vladimir Putin has characterized the effort as a crackdown on corruption and dubious accounting.

Khodorkovsky is being tried for fraud and tax evasion, and has been jailed for 14 months.

Misamore said in the affidavit that Yukos' market capitalization was $40 billion in April this year, but has spiraled to $2 billion.
http://www.forbes.com/feeds/ap/2004/...ap1716730.html

[FaGal]

Yukos, Russia procede con asta nonostante alt tribunale Usa



MOSCA (Reuters) - La Russia andrà avanti con l'asta per vendere il principale asset della compagnia petrolifera in crisi Yukos nonostante un tribunale fallimentare Usa l'abbia bloccata per diversi giorni.

"Stiamo vendendo Yugansk per ordine di un ufficiale giudiziario e non abbiamo ricevuto alcun ordine di annullare l'asta. Perciò, abbiamo ancora in programma di procedere", ha detto un portavoce del Federal Property Fund.

La Russia ha detto che il tribunale Usa, presso cui Yukos ha chiesto a sorpresa, mertedì scorso, la protezione dalla procedura fallimentare, non ha giurisdizione sulla vendita (FORSE NON HANNO TUTTI I TORTI A SUPPORLO) .

Il governo ha messo all'asta Yuganskneftegaz, la principale divisione di Yukos, per incassare parte dei 27,5 miliardi di dollari che dice di dover ricevere da Yukos per tasse arretrate.
http://it.news.yahoo.com/041217/58/31s3q.html

[FaGal]

Yukos: Giudice Texas Spiazza Mosca,Ma Gazprom Va Avanti/Ansa(2)

(ANSA) - MOSCA, 17 DIC - Oltre al Gazpromneft, altre tre società russe sono scese in lizza per l'asta di Yuganskneftgaz e sono state ufficialmente ammesse: si tratta di Intercom, First Venture Company e Baikalfinanzgroup.
L'annuncio è stato dato stasera dal servizio federale anti- monopolio.
Vistosa l'assenza di compagnie straniere, dovuta al fatto che il business internazionale non ritiene molto propizio agli investimenti l'attuale clima politico-economico della Russia.
Proprio l'accanimento giudiziario contro Yukos ha suscitato gran parte della diffidenza riscontrabile nel mondo occidentale degli affari. (ANSA)

[FaGal]

Yukos