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23

Yukos Remaining Assets To Be Sold Off

If the situation does not change, the process of selling off assets ...

The remaining assets of the bankrupt Yukos company could be sold off to pay off more than $7 billion in back taxes, Moscow bailiffs said Friday.

Sergei Sazanov, deputy head of the Federal Court Marshals Service, said last week that Yukos had so far paid $14 billion of its bills, some of which still must be upheld by a court before they can be collected.

According to Sazanov, Yukos owed about 200 billion rubles ($7.4 billion), including $475 million to a group of foreign banks, Interfax reported.

If the situation does not change, the process of selling off assets could be started, he said, noting that this could take three months.

Yukos spokeswoman Claire Davidson said she was not aware of any formal notice of a decision to sell the company's assets. She declined to comment further.