Russia's tax police stage new raids at beleagured Yukos

Russia's tax police stage new raids at beleagured Yukos

Moscow (AFP)--3Jun2004


Tax police once again raided the offices of Russia's beleagured Yukos, the
nation's largest oil company, seizing documents from two of its offices in
Moscow, the firm said Thursday. "A dozen members of police and tax police came
to Yukos offices looking for documents for the years 1998-2000," Yukos
spokesman Alexander Shadrin told AFP. 

The latest raid comes as the company fights for its survival, with its founder
Mikhail Khodorkovsky languishing in jail as his trial on fraud, tax evasion
and embezzlement charges is due to resume on June 8. Khodorkovsky, Russia's
richest man, could end up behind bars for 10 years if convicted. Prosecutors
began investigating Yukos and its chief shareholders last summer in what many
here say is Kremlin's payback for Khodorkovsky's political ambitions. The
company now faces the real prospect ofgoing into bankruptcy after a syndicate
of Western banks warned that it could call in a $1-bil loan because of the
firm's mounting financial woes.

Please visit: www.platts.com

Their coverage of energy matters is extensive!!.