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Ukraine's newly elected Prime Minister Yulia Tymoshenko ordered on Wednesday
Ukraine's newly elected Prime Minister Yulia Tymoshenko ordered on Wednesday to set up a commission to check the financial activity of the country's gas monopoly Naftogaz.

Earlier in the day, Tymoshenko said the national oil and gas company Naftogaz was on the brink of bankruptcy and blamed "financial frauds" for the situation.

"These people, their business and their work with Naftogaz should be thoroughly checked" within a month, the premier said.

On December 13, 2007, officials from companies managing assets of Naftogaz' creditors said a technical default could be declared after December 31 if Naftogaz failed to produce the 2006 financial report.

The prime minister said the aim of artificial bankruptcy could be to transfer Ukraine's oil and gas system to dubious companies and pledged government measures to ensure the company's financial restructuring.

Tymoshenko said the government could channel direct budgetary funds into Naftogaz and provide the company with necessary privileges.


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