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YUKOS paying tax bill, but pessimistic over survival

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YUKOS paying tax bill, but pessimistic over survival

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The giant Russian oil company YUKOS has paid almost a quarter of its total 14billion euro back tax bill for the period from 2000 to 2002 according to its chief financial officer. He also said tax claims in 2001 and 2002 equalled or exceeded the company’s entire revenues, under the standards of generally accepted accounting principles.

Meanwhile YUKOSCEO Steven Theede says there is no indication that the Russian government will enter into negotiations over the tax bill and he says the chances are slim that the company will be allowed to continue to exist as an entity while paying off its back taxes. Yukos is widely seen as a victim of the political activities of its former CEO Mikhail Khodorkovsky, who is currently facing charges of fraud and tax evasion.