Bailiffs Impound $200M More of Yukos Funds

Court bailiffs seized more Yukos accounts, worth $200 million, on Wednesday, Chief Executive Officer Steven Theede announced at a press conference Thursday, the Russian Information Agency Novosti reports.

The company’s capabilities of financing its nearly $7 billion tax debt have been limited by arrests of its main stock and by the recent seizing of its bank accounts, Novosti quoted Theede as saying.

He added that the company cannot attract investment from foreign markets as a result, and can rely only on corporate loans.

Earlier at the conference Theede said the company most likely faces bankruptcy if it cannot raise the money soon.

“The company has been able to cover its cash deficit in July and may not be able to continue this beyond, at the latest, mid-August,” Reuters quoted a Yukos statement as saying.

Should the efforts to raise the money prove unsuccessful, the statement said, “in the present circumstances, the management of the company will be compelled to announce the bankruptcy of Russia’s largest oil company.”




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