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22

Yukos Seeks the Responsible

The liquidation would end years of legal proceedings against Yukos

Yukos creditors have set up a monthly salary of 8.664 million rubles, or some $320,000, for the receiver who will watch over the company?s liquidation, Mosnews.com reported.

The sum of the suggested reward initially came from the Federal Tax Service, RIA Novosti reports. Representatives of Rosneft oil company estimated the salary at 4.5 million rubles monthly, but the creditors? voting supported the bigger option.

The receiver is to be appointed by arbitrary court.

The liquidation would end years of legal proceedings against Yukos that have saddled the company with billions of U.S. dollars in back taxes and the creditors will now apply to an arbitration court with the recommendation.

Eduard Rebgun, the Yukos temporary manager, said the company?s proceeds after the sale of assets and the payment of back-taxes would not even cover the crude producer?s court-recognized debts.

?The company?s financial restructuring is impossible and, therefore, we recommend the company to initiate liquidation procedures,? Rebgun said.

Rebgun valuated the company?s property and assets at 581.33 billion rubles (about $21.5 billion) but said the company?s proceeds would total 417.15 billion rubles (about $15.4 billion) after the assets sale and tax payments.

The company?s liabilities recognized by court totaled 491.58 billion rubles (about $18.2 billion), Rebgun said.