Yukos shareholder threatens to sue over tax-claim auction
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The main shareholder in Yukos, the Russian oil company, on Sunday threatened to sue whoever buys its main subsidiary, which the government has forced it to sell by the end of this week.
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Russia will auction control of OAO Yukos Oil Co.&#39;s main unit for as little as $8.6 billion in a government-run fire sale to collect back taxes that threatens to bankrupt the country&#39;s biggest oil exporter.
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Yukos could declare bankruptcy before the new year following fresh claims that could leave the embattled gas giant facing a tax bill for $17 billion.
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Russian oil giant Yukos is to ask a Moscow court for more time to pay its tax bill.
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Russian oil firm Yukos sues four companies for their role in last year's forced state auction of its key oil production unit.
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Deutsche Bank, the German investment bank, challenges the legitimacy of Russian oil giant Yukos' bankruptcy protection case in court.
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A core shareholder in the company that owns about 60 percent of the shattered oil giant Yukos promised in an interview published Wednesday to sue Russian authorities for the destruction of what was once the nation's biggest oil producer.
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Russia pressed ahead on Friday with the last step in the destruction of oil major YUKOS, saying it will auction its main Siberian unit on Dec. 19 for $8.65 billion and hit it with a new tax claim.
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Jailed Russian oil magnate Mikhail Khodorovsky says he expects he will lose control of the giant oil firm Yukos because of the company&#39;s current tax bill totaling more than $7 billion.
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MOSCOW  - The heart of the Yukos oil empire will be auctioned by the government next month for what could be a bargain price to pay back a mounting multibillion-dollar tax bill, a dramatic finale to a relentless 18-month official probe that could destroy Russia's largest oil producer. A top Yukos manager slammed the plans as "government-organized theft."
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Russian oil major YUKOS said on Wednesday it had filed for bankruptcy protection in a U.S. court and would seek an order from the court to halt the Dec. 19 sale by the Russian state of its main oil unit.
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Yukos' main shareholder said it had filed a complaint to block the sale of the oil company's key production unit to settle tax claims, a move it said would amount to expropriation.
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Description: Russian oil company Yukos files suit against the Russian government in US Bankruptcy Court in Houston, Texas, attempting to head off an auction of its main production unit.
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Embattled Russian oil giant Yukos has filed for bankruptcy protection in a US court in an attempt to prevent the forced sale of its main production arm.
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Yukos, the Russian oil group, might file for bankruptcy in the next few days unless the Russian authorities reduce the pressure they have been applying, its chief financial officer Bruce Misamore said in an interview with the Financial Times.
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Russian oil firm Yukos' battle for survival is set to rumble on after a US judge sets the date for a bankruptcy hearing.
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The Yukos oil company has filed for bankruptcy in the United States and appealed for a temporary restraining order against the auction of its main production unit that is scheduled for Sunday &#151; dramatically challenging the Russian government to enter arbitration proceedings.