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Court upholds Rosneft's $5 bln debt claim to Yukos

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MOSCOW, October 9 (RIA Novosti) - The Moscow Arbitration Court has ordered Russia's bankrupt Yukos Oil Company (RTS:YUKO) to pay an additional 137 billion rubles ($5 billion) as debt to state-controlled Rosneft, a RIA Novosti correspondent reported from the courthouse Monday.

Yukos' current debt to Rosneft stands at $482 million.

The Court postponed Friday until November 17 hearings on a Yukos motion to declare the sale of its former core production unit, Yuganskneftegaz, invalid, and to pay out $14.5 billion in losses.

The hearings were postponed pending submission of additional documents in the case.

A 76.79% stake in Yuganskneftegaz, Yukos' main production unit, was sold by the Federal Property Management Fund December 19, 2004, in lieu of Yukos' tax arrears for 2000 and 2001. Several days later, Rosneft purchased the unit from the Baikal Finance Group, which won the auction.

Yukos first challenged the company's auction in May of last year. The company claimed the sale of Yugankneftegaz was conducted in violation of Russian and international rights. Yukos lawyers also claimed the Federal Property Management Fund deliberately underestimated the initial price of the company's share package.

The Moscow Arbitration Court earlier ordered Yukos to pay 42 billion rubles ($1.6 billion) in tax fines for 2004.

The court also upheld a decision of the tax authorities to impose an additional 108 billion rubles ($4 billion) in taxes on Yukos for 2004.

Yukos, whose founder Mikhail Khodorkovsky is serving an eight-year prison term in Siberia after being convicted of fraud in May 2005, faces a total of $16.6 billion in claims from creditors, including its former core production unit, Yuganskneftegaz ($4.07 billion), now owned by Rosneft, and the Federal Tax Service.

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