The Russian oil giant Yukos (Юкос) has lost its bid for Chapter 11 protection by a Texan court. Yukos sought Chapter 11 protection, to prevent the forced sale of the subsidiary Yuganskneftegaz by the Russian authorities. The sale was made to pay Yukos' US$27.5 billion tax bill, Yuganskneftegaz was originally sold for US$9.4 billion to a little known company Baikalfinansgroup (Байкалфинансгруп) which was later bought by the Russian state-owned oil company Rosneft (Роснефть). Yukos was started by the Russian billionaire Mikhail Khodorkovsky , who is in prison for fraud, embezzlement and tax evasion charges that he denies, saying his arrest is politically motivated by the Russian president Vladimir Putin.
The Russian oil giant (Юкос) has lost its bid for protection by a court. Yukos sought Chapter 11 protection, to prevent the forced sale of the subsidiary by the Russian authorities. The sale was made to pay Yukos' US$27.5 billion tax bill, Yuganskneftegaz was originally sold for US$9.4 billion to a little known company (Байкалфинансгруп) which was later bought by the Russian state-owned oil company (Роснефть). Yukos was started by the Russian billionaire , who is in prison for fraud, embezzlement and tax evasion charges that he denies, saying his arrest is politically motivated by the Russian president Vladimir Putin.
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Yukos
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Chapter 11
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Texan
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Yuganskneftegaz
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Baikalfinansgroup
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Rosneft
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Mikhail Khodorkovsky