Russia's oil giant YUKOS announced Tuesday it decided to raise money to repay 3.4 billion dollars in back taxes for the year 2000, the company's lawyer Dmitry Gololobov said.
According to him, the executive board met and made the decision to implement court decisions and repay its tax debt. The company's production operations return will be used in the first place to repay the company's tax debt.
YUKOS has said paying the tax demand would force it into bankruptcy as the company's assets have been frozen by an earlier court ruling and it would thus be unable to raise enough cash in time to pay the taxes.
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YUKOS Finally Decided to Pay the Debt
YUKOS' production operations return will be used in the first place to repay the company's tax debt
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