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Russia's new energy monolith.(Insider Report)
Shortly before Christmas, the Russian government held a tax auction to sell off shares in the mammoth Yukos oil giant. Moscow claimed that the corporation owed $28 billion in unpaid taxes. The company's former owner, Mikhail Khodorkovsky, has been jailed and faces trial on fraud and tax evasion charges. Some observers contend that the jailing of Khodorkovsky--often referred to as the "Russian Bill Gates"--and the break-up of his company is official retaliation against the politically ambitious young tycoon.
In any case, the winner of the tax auction was a shadowy company called Baikal Finans Group. BFG bought up Yukos'Yuganskneftegaz subsidiary, which pumps nearly one million barrels of oil a day. BFG's winning bid--$9.3 billion, roughly half the oil facility's estimated value--was entered just before bidding closed. A few days later, BFG was bought outright by Rosneft, an oil company owned by the Russian government.
Putin, an "ex"-KGB officer, insists that his government's nationalization of Yukos was done "legally." Russian-born computer entrepreneur Alexander Konanykhine, a former distant business associate of ...
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...from the Russian government to use the name "Russia." The request...Novosti, a Russian government controlled...launched "Russia Today" as...the word 'Russia' without...from the Russian government." See also...
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...2006, intends to sue the Russian government for a record $100 billion...the bankruptcy of what was Russia's largest oil company and...production assets, becoming Russia's largest oil producer...Konovalov earlier said that Russia viewed this lawsuit as a routine...
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