YUKOS NOT PERMITTED TO EFFECT PAYMENTS FROM ITS BANK ACCOUNTS

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MOSCOW, August 5 (RIA Novosti) - "Bailiffs did not adopt a decision to issue permission for the YUKOS oil company to allow it to effect monthly payments from its bank accounts or ensure the company's operation," reads a press release issued by the Justice Ministry's Public Relations Centre.

"The explanation provided to YUKOS by a bailiff is not based on any provision of a law whatsoever and was therefore cancelled," reads the statement.

"All financial resources that have been and will be transferred to the company's bank accounts will be arrested by the Bailiffs Service and re-transferred to the federal budget to in a bid to pay the company's debt arrears," said the ministry.

The information YUKOS has circulated via the media alleging that the bailiff service had released the blocked accounts is being treated by the Justice Ministry as "the debtor's continuous attempts to pressurise and blackmail the government bodies with the aim of preventing them from implementing the court ruling to recover the tax arrears."

Bailiffs have already recovered over 22 billion roubles ($1 is equal around 29 roubles) from the company for the purpose, according to the statement. Besides, appropriate preparations have been made to evaluate the share block of Yuganskneftegas, YUKOS' subsidiary, that will be put up for sale.

While working to implement the court decision, bailiffs arrested YUKOS' money and production assets worth 31 billion roubles on the first days after the ruling was issued, according to the press release. Bailiffs issued orders for 20 Russian regions to arrest the oil major's assets there.

"Besides, 11 banks have been issued 89 collection orders to write off money from the company's accounts," says the press release.

YUKOS said in a press release yesterday that the Justice Ministry had confirmed its permission for the company to conduct routine financial activities.

"The Justice Ministry's Bailiffs Service informed YUKOS today that it can effect monthly payments from its bank accounts to ensure the company's operation as its accounts in credit organisation are not blocked," YUKOS said in yesterday's press release.

"We welcome the Justice Ministry's decision as it will allow us to ensure the uninterrupted payment of taxes, implement the Arbitrage Court's decision on recovering taxes and penalties for 2000, and continue financing our production activities," said YUKOS Financial Director Bruce Misamore.

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