US Bankruptcy Judge, Letitia Clark has thrown out Russian oil firm Yukos' claim for bankruptcy protection in the United States, it emerged on Thursday.
Yukos had claimed jurisdiction in Houston, arguing that it had two Texas bank accounts, and that its finance chief was resident in the state. However, Judge Clark ruled that this did not constitute enough of a US presence to secure the firm Chapter 11 protection.
The beleaguered organisation will now be obliged to rely on appeals filed in Russia to resolve the dispute over its back tax bill, and the legality of the auction of its Yuganskneftegaz subsidiary, which took place as a result of the alleged liability.
The announcement also puts an end to Yukos's plans to sue the four Russian energy groups which participated in the sale of the key production unit late last year.
The firm had announced earlier this month that it was seeking "in excess of $20 billion" from Gazprom, Gazpromneft, Baikalfinansgroup and Rosneft.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment