Court Declares Yukos Bankrupt

World | August 1, 2006, Tuesday // 00:00

Troubled Russian oil firm Yukos has been declared bankrupt by a court in Moscow, clearing the way for the firm to be liquidated. The court ruling backs a vote by shareholders which had rejected Yukos's assurances that it could remain in business and pay the USD 17 B it owes to creditors, BBC reported. The decision ends a three-year court battle for survival, after Yukos was hit with a huge back tax bill. The saga has seen former Yukos chief Mikhail Khodorkovsky jailed and parts of the oil firm's empire sold off.

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