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Russian Justice Ministry to sell part of Yukos for back taxes

[JURIST] Russia's Justice Ministry said Tuesday that it would sell off a subsidiary of Yukos Oil to satisfy unmet claims for back taxes owed by the mammoth Russian oil company. As previously reported on JURIST's Paper Chase, a Moscow court ruled Monday that Yukos owed the state almost $1.34 billion in fines connected to unpaid taxes from 2001 alone; its total debt is said to be over $3.7 billion. The value of the subsidiary to be sold has been set at just over $10 billion, somewhat less than previous estimates. Yukos has been under a legal cloud ever since its erstwhile CEO, pro-opposition Russian tycoon Mikhail Khodorkovsky, was arrested last year for fraud and tax evasion. From Moscow, Mosnews.com has more in English.

About Paper Chase

Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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