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Online Stock Market Trading A court in Russia's far northeastern region of Chukotka has seized part of the stake the giant oil firm Yukos holds in the rival company Sibneft.

(AXcess News) Novosti reported thata Moscow court ruled Monday that funds totaling about $600 million in Russian bank accounts held by Mikhail Khodorkovsky and business partner Platon Lebedev should be seized to clear back taxes owed by the Yukos oil company, the Federal Bailiffs Service said. The Moscow Meshchansky Court ruled in favor of the Federal Tax Service' and Lebedev to the federal budget, the service said. Securities and real estate held by Khodorkovsky and Lebedev will also be used to recover their debts, it added.

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Stock Investing Game July 14, 2004 (AXcess News) Moscow - A court in Russia's far northeastern region of Chukotka has seized part of the stake the giant oil firm Yukos holds in the rival company Sibneft.

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Journal Prime Rate Street Wall The court Wednesday took over 15 percent of the 35 percent stake Yukos holds in the firm. Yukos had hoped to use some of the Sibneft shares to pay off $3.4 billion in back taxes the government says the firm owes.Russian authorities have seized Yukos bank accounts and frozen its assets, thereby blocking the firm's efforts to pay off its debts by selling assets, bringing it to the verge of bankruptcy.

When a company is struck off or dissolved, all of its bank accounts, property and assets are forfeit to the Crown, or to the Duchies of Lancaster. The only way a struck off company can continue to deal legally with its accounts, property and assets is to apply for a court order restoring the company with the consent of the Treasury Solicitor and Registrar of Companies. Until the company is restored by a court order, it remains unable to deal with its assets. The company must be restored in order to collect its debts, pursue tax and VAT claims, etc

Stock Market News The firm's largest shareholder, Mikhail Khodorkovsky, is currently on trial for fraud, tax evasion, and embezzlement in what critics call government retaliation for his support of the political opposition. The Kremlin denies the charge.

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