The company has not been notified to this day whether its complaint has been taken up for consideration, points out the report.
Two of Sibneft corporate holders-the Nimegan Trading, Ltd. and the Gemini Holding, Ltd.-filed a lawsuit, January last, against the Yukos and the Federal Securities Market Commission, presently Federal Financial Market Service. As the plaintiffs assumed, the Yukos had trespassed the Securities Law in a fifth additional stock emission of July 22, 2003. In particular, a list of necessary papers submitted in emission formalities was not exhaustive, and the emitter failed to keep within procedural time limits, the Nimegan and the Gemini alleged.
A first-instance arbitration court invalidated the stock and its emission registration. A court of appeal buried a Yukos complaint to confirm verdict legality, so the court resolution entered into force, and the Federal Financial Market Service annulled the emission.
The appellate court approved the relevant verdicts, August 19.
As it was merging with the Sibneft, another Russian-based petroleum mammoth, last year, the Yukos acquired a 92% Sibneft block-72% on an exchange, and another 20% purchased for three billion US dollars. A 57.5% Sibneft block was exchanged in the transaction for latest-emission Yukos stock, whose legality is under litigation now.
The Yukos slumped more than 10% today as news came of its back fiscal claims for last year, Novosti heard from a dealer of the MICEX, Moscow Interbank Currency Exchange.
The claims come close to 170 billion roubles, Alexander Shadrin, Yukos press spokesman, said to the media today (current Central Bank rate is R28.54/$1). Yukos stock came lower than 5% down in the Russian Trading System with that. The MICEX dropped the Yukos lower than 10% as its stock came up for deals again after an hour's suspension.
The Yukos was 25.8% down in the RTS by 5 p.m., Moscow time, against yesterday's closing time, to make $2.2 apiece. The drop in the MICEX stock section was 25.94% to 63.62 roubles.
