The Arbitration Court of Moscow has upheld the arrest of shares of the four Yukos subsidiaries

Thursday, July 2, 2020

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The Arbitration Court of Moscow has upheld the arrest of shares of the four Yukos subsidiaries - open joint stock companies Geofit, Tomskneftegeofizika VNK, Khantymansiisknefteprodukt and Novosibirsknefteprodukt VNK. Thereby, the court has turned down the appeal of the company's lawyers to cancel the arrest of these companies' shares. The shares were arrested in early July 2004 as part of the enforcement proceedings to charge Yukos 99 billion rubles ($1 equals about 29 rubles) in back taxes for 2000. When speaking at today's session, Yukos lawyers stated that the arrest of the shares violated the rights of the debtor. They believe that bailiffs have illegally arrested the shares, as they are the property of third priority. Yukos lawyers also said that on August 9, bailiffs received a statement asking to arrest property of the first priority - shares of 16 issuing companies owned by Yukos, including the 20% package of Sibneft shares. Yukos lawyers have also announced their readiness to co-operate with bailiffs in collecting the property of the first priority. Bailiffs, however, responded that the arrest was imposed in accordance with the law On Enforcement Proceedings, which envisages that only bailiffs have the right to determine collection priorities. This position was shared by The Tax Ministry participating in the trial as the recoverer. On September 9, the court is planning to consider the legality of the arrest of shares in Kuibyshevnefteorgsintez, Kuuibyshev oil refinery, and another 20 companies. On September 2, the claim against the arrest of Samaraneftgaz shares will also be considered. On August 6, the Arbitration Court of Moscow cancelled the arrest of the shares of Yukos's main extracting enterprise, Yuganskneftegaz, but on August 18, the Court of Appeal cancelled this decision. Moreover, on August 9, the court upheld the arrest of the shares in Tomskneft. During today's session in the Court of Arbitration, Yukos lawyers said that the company had paid 31 billion rubles in back taxes. According to the lawyers, this sum was paid on August 17, 2004. Earlier reports suggested that Yukos had paid 22.9 billion rubles in back taxes for 2000 on August 11, 2004.

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