Yukos loses Chapter 11 bid
Friday, February 25, 2005Russian oil giant (Юкос) has lost its bid for protection by a court. Yukos sought Chapter 11 protection, to prevent the forced sale of the subsidiary by the Russian authorities.The
Judge Letitia Clark said that the oil company didn't have a strong enough presence in America to warrant Chapter 11.
The sale was made to pay Yukos' US$27.5 billion tax bill, Yuganskneftegaz was originally sold for US$9.4 billion to a little known company (Байкалфинансгруп) which was later bought by the Russian state-owned oil company (Роснефть).
Yukos was started by the Russian billionaire Vladimir Putin., who is in prison for fraud, embezzlement and tax evasion charges that he denies, saying his arrest is politically motivated by the Russian president
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