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Yukos CEO to remain in jail

[JURIST] Mikhail Khodorkovsky, the former CEO of the Russian oil company Yukos, will remain in jail until February 14, the Moscow City Court ruled on Wednesday, rejecting an appeal from Khodorkovsky's legal team. Khordorkovsky will be tried on charges of criminal fraud and tax evasion in connection with his involvement with Yukos and its subsidiaries. If convicted, Khodorkovsky could face up to 10 years in prison. Prosecutors insisted that Khodorkovsky, once considered Russia's richest man, would flee the country or influence witnesses if released. In addition to Khodorkovsky's personal charges, the Yukos corporation currently owes $24.5 billion in taxes and fines. The state-controlled gas company, Gazprom, announced Tuesday that it would bid for one of Yukos' main units at an auction on December 19. The Paper Chase has background information on Khodorkovsky's legal battle here. AP has more.

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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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