WebProNews

Yukos is suing four Russian energy groups for $20 billion in damages over the forced auction of Yuganskneftegas.

The four companies being sued are Gazprom, Gazpromneft, Baikal, and Rosneft.

Yukos has also requested that the U.S. court send its tax dispute with the Russian government to an international arbitrator, and submitted a reorganization plan to the court in support of its original Chapter 11 application.

Yukos filed for bankruptcy protection in Houston last December in a last-gasp bid to block the sale of Yugansk, which was seized by the Russian government to settle back taxes allegedly owed by the company. The long-running campaign against Yukos is widely viewed as punishment for the political activities of Mikhail Khodorkovsky, a controlling shareholder on trial for alleged fraud and tax evasion.

The company secured a U.S. injunction to block the Yugansk auction. Which Gazpromneft unsuccessfully sought to overturn, though the auction went ahead anyway. However, its Chapter 11 filing has been challenged by Gazpromneft and the six banks that had planned to fund its bid for Yugansk.

WebProNews | Breaking eBusiness News
Your source for investigative ebusiness reporting and breaking news.