Menatep offers to be guarantor of some Yukos tax arrears

MOSCOW. June 16 (Interfax) - Group Menatep Ltd, the largest shareholder in Yukos oil company, has announced it is ready to offer the government proportional guarantees on the payment of Yukos tax arrears. Yukos chief executive Simon Kukes late last week asked principal Yukos shareholders for such guarantees. "In case a situation arises where the company is unable to pay the Ministry of Taxes and Levies the tax sum set by the Arbitration Court, and it has been impossible to reach an agreement on installment payment and debt restructuring, current legislation allows 'debt participants' - Yukos petroleum company shareholders - to offer creditors their guarantees for a sum that exceeds the arrears by a minimum of 20%," Kukes said in a letter to shareholders. "In view of the fact that Group Menatep, as the controlling shareholder, appointed the company's managerial bodies, and in effect managed it in the periods in which the grievances of tax authorities against the company go back, it would be fair in regard to the minority shareholders that the group should offer Yukos guarantees in connection with the suits from tax authorities at least in an amount that reflects the share of the group in the joint stock," Kukes said. Menatep is Yukos's biggest creditor, having lent the company $1.6 billion. The Moscow Arbitration Court will consider on June 23 an appeal by the Tax Ministry against a ruling to suspend an April 14 order by the ministry that Yukos pay its alleged tax arrears.

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