Russian oil giant Yukos? key shareholders launched legal proceedings against the Kremlin under the international energy charter and said they will sue the company that wins Yuganskneftegaz company, its main production unit at auction next month.
Yukos's back-tax bill has grown to more than $24billion. Yukos sees that it will face bankruptcy after the auction of Yuganskneftegaz on December 19.
With the starting price set at just $8.65bn, far less than the $14.7bn to $17.3bn valuation by the government-appointed investment bank Dresdner Kleinwort Wasserstein, the company may face further sell-offs to cover the tax bill. The company has paid off only $4bn.
Group Menatep, through which Mikhail Khodorkovsky owns a majority share in Yukos, has promised that the next owner of Yugansk will face lengthy litigation.
Yukos has scheduled an extraordinary shareholders' meeting for December 20 to discuss the company's possible bankruptcy, though company executives have suggested the auction may force Yukos into bankruptcy sooner.
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Yukos Fights Like The Devil
Yukos key shareholders: Yuganskneftegas's new owner will repent this