Russian Tax Service Added To Yukos's List Of Creditors

by Tatiana Smolenskaya, Tax-News.com, Moscow

19 June 2006

The Russian Federal Tax Service's major taxpayers inspectorate has been added to list of creditors of embattled oil company Yukos by Moscow's Commercial Court.

According to the Tax Service, Yukos owes a total of US$28.5 billion, although approximately US$14.5 billion of this has been paid.

However, the Commercial Court has also approved the Tax Service's additional claims against Yukos from 2000 to 2003 which exceed US$11 billion.

Other companies on the list of Yukos creditors include the Siberian Service Company with a claim of US$8.4 billion, Yukos-RM (US$4.8 billion), Yukos-EP (US$4 billion), and Sibintek-leasing (US$2.1 billion).

The next hearings in the Yukos bankruptcy case are scheduled for June 27. The meeting had originally been called for June 16 by Eduard Rebgun, a bankruptcy administrator imposed on Yukos by a Russian bankruptcy court in March, but a postponement was granted to allow creditors more time to consider the tax claim.

A consortium of 14 Western banks, which includes Citigroup, Deutsche Bank and BNP Paribas, had sought a bankruptcy declaration against Yukos after the firm defaulted on nearly half of $1 billion in debt.

Rosneft, the state-controlled oil company, is widely tipped to snap up Yukos's remaining assets.

Next month, the court will consider claims including those of Yukos former core production unit, Yuganskneftegaz (US$1.2 billion), and Mazeikiu nafta (US$2.3 million).

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