YUKOS PROMISES NO MORE FAILURES

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MOSCOW, April 19 (RIA Novosti) - The oil company Yukos promises to do all to prevent work failures despite the arrest of its property by the Moscow Court of Arbitration.

"The Yukos management board will do everything to prevent breakdowns of its production and financial activities," reads the company's official statement. It has been circulated on Monday in view of the April 15, 2004 order of the Moscow Court of Arbitration on the arrest of the Yukos assets.

The Yukos management say that they understand their responsibility to Russian regions for the continuous supply of oil products on the eve of the sowing campaign, to the government for the ensuring of national energy security, to its partners for unswerving fulfillment of all the contract commitments.

The board will do everything it can for the company's sections to meet the 2004 production plan and do everything that depends on it to prevent erratic wage payments, finance social and charity programs, the statement says.

The Moscow Court of Arbitration has seized the Yukos property in satisfaction of the Tax Ministry motion within the action for collecting underpaid taxes from the company.

The ministry demands to collect from Yukos 99.375 billion rubles as penalties and fines (1 dollar approximately equals 28.5 rubles).

Before it takes a decision, the court has banned for Yukos to "alienate, encumber in any way its property including shares (including the ban on the transfer of securities to a nominal holder and in trust), other legal persons' shares in the authorized capital except the main kinds of products produced by the company." The court has also banned for the holder of the Yukos securities' register to make whatever changes in the register regarding securities transactions of the company.

(Yukos ex-head Mikhail Khodorkovsky is now kept in a pre-trial detention center. The Russian Prosecutor General's Office accuses him and some other functionaries of the company of setting up a criminal group engaged in financial machinations in the privatization of state property. The damage inflicted by the group exceeds 1 billion dollars.)

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