Moscow Arbitration overruled YUKOS claim to invalidate bailiffs' decision to recover 5.5 bln rbl due

MOSCOW - Moscow Arbitration has overruled the claim of YUKOS oil company to invalidate the Bailiffs Service decision of Sept. 20, 2004, to recover executive due of 5.5 bln rbl, i.e. 7% of 2001 back taxes and penalties (79.4 bln rbl), AK&M learnt in the Arbitration.

The decision to initiate executive proceedings was made on September 9, 2004. Under the laws, YUKOS could pay off 79.4 bln rbl debt within five days. However YUKOS says such redemption was impossible as any and all bank operations with YUKOS accounts were terminated.

(From The Russia Journal, 29.10.2004)