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Last Updated: Friday, 23 June 2006, 14:52 GMT 15:52 UK
Yukos objects to Rosneft listing
Workers at a Rosneft oil field previously owned by Yukos
Yukos claims the share sale may represent trading in stolen property
Yukos is trying to block the flotation of rival Russian energy firm Rosneft, arguing that the firm's main Yugansk oil unit was illegally acquired.

Yukos has written to the British Financial Services Authority urging it to prevent the state-owned firm from selling shares on the London market.

Rosneft bought Yugansk in 2004 after its was seized from Yukos and auctioned off to settle an unpaid tax bill.

It hopes to raise $10bn by selling shares in London and Moscow.

'Share risk'

In its letter, Yukos said doubt over the propriety of Yugansk's auction meant there was a "serious risk" that the share sale "would constitute the offering for sale of criminal property" under British law.

Yukos has urged the stock market regulator to refer the matter to the Serious Fraud Office.

Yukos has been gradually dismantled over the past two years and is in the middle of bankruptcy proceedings in Russia.

It says it has been the victim of a politically motivated campaign which has seen key executives either jailed or forced out of Russia.

The Russian authorities argue that Yukos was guilty of huge fraud and tax evasion and that they rightfully pursued it for money owed to the state.




SEE ALSO
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Yukos oil boosts Rosneft profits
13 Feb 06 |  Business

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