Yukos faces lawsuits, assets seizure for taxes

OAO Yukos will have to relinquish about $3.3 billion for payment of 2000 taxes because of a significant understatement of its tax liability, said Connecticut-based law firm Scott & Scott LLC, which recently filed a class action lawsuit against the Russian oil giant.Russia's tax ministry also "intends to audit Yukos for 2001-03 based upon the same [tax evasion] charges," Scott & Scott added. Yukos ultimately could be expected to pay more than $10 billion to the tax ministry for taxes owed as the result of an alleged illegal tax fraud scheme with which Yukos is charged.Putting a potentially disastrous squeeze on the company, Russian tax collectors have obtained a court order demanding i...

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