Yukos accused of failing to pay US$3.3b in taxes in 2000

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Last updated at: (Beijing Time) Wednesday, December 31, 2003

Yukos accused of failing to pay US$3.3b in taxes in 2000

Russian Taxation Ministry has accused the embattled oil giant Yukos of failing to pay over 98 billion rubles (3.3 billion US dollars) in taxes in 2000, Interfax news agency reported Tuesday.

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Russian Taxation Ministry has accused the embattled oil giant Yukos of failing to pay over 98 billion rubles (3.3 billion US dollars) in taxes in 2000, Interfax news agency reported Tuesday.

Yukos was presented with a report on the tax inquiry Monday, in which this amount was indicated, Interfax cited a statement released by the ministry.

Tax officials have accused Yukos of deliberately concluding deals for oil and oil products with organizations set up and registered in certain Russian communities and regions unlawfully enjoying tax breaks, the statement said.

The ministry said that it had made the conclusion after investigating Yukos' performance in 2000.

Meanwhile, Yukos shares slumped nearly 2 percent to 309 rubles per share on the Moscow Interbank Currency Exchange (MICEX) following the tax ministry's announcement.

Earlier this month, Interfax quoted a letter from the ministry to the Prosecutor General's Office as saying that Yukos and its affiliates had failed to pay about 150 billion rubles (some 5 billion US dollars) in taxes over the past six years.

Yukos has been facing a controversial judicial campaign by prosecutors since July.

Mikhail Khodorkovsky, founder and former chief executive of Yukos and the richest man in Russia, was arrested on Oct. 25 with seven charges including massive fraud and tax evasion.

A Moscow court last Tuesday backed Russian prosecutors' appeal to keep jailed Khodorkovsky in custody for another three months until March 25, 2004.

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