Word: back-tax
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...standard of corporate governance in Russian oil and gas." Try telling that to Mikhail Khodorkovsky, a former Russian oligarch currently serving a jail sentence in Siberia. The Kremlin broke up his oil company, Yukos, in 2004 with a combination of criminal fraud charges against executives and massive back-tax claims that far exceeded the firm's revenue. Yukos' main oil-production unit was auctioned off to a single low bidder that turned out to be a front company for Rosneft. Those confiscated Yukos assets now constitute about 70% of Rosneft's oil production and reserves. The company's initial public...
...near collapse in 1998. But along with red tape and corruption, companies face government meddling, primarily in the form of a highly unpredictable tax-enforcement policy. The most battered victim is Yukos, the former Russian oil giant that is in its death throes after being hit with multibillion-dollar back-tax claims that its erstwhile owners say were part of a Kremlin campaign against them. A Moscow court last month sentenced Mikhail Khodorkovsky, the former Yukos chief executive and a major shareholder, to nine years in jail on charges of tax evasion and fraud...
Foreign firms too are vulnerable. Russian tax authorities recently slapped BP's joint oil venture in Russia, TNK-BP, with a $1 billion back-tax bill for 2001. The move has caused dismay at BP in London and prompted chief executive John Browne to visit Moscow last month, where he met with Putin. The Russian leader reassured Browne, "We were not mistaken when we supported your decision two years ago" and praised the company for being "a good corporate citizen." Meanwhile, the Japanese tobacco company JTI, which makes Winston and Camel brands at a $400 million state...
...along with red tape and corruption, companies face political and government meddling, primarily in the form of a highly unpredictable tax-enforcement policy. The most battered victim to date is Yukos, the former Russian oil giant that is currently in its death throes after being hit with multibillion-dollar back-tax claims that its erstwhile owners say were part of a Kremlin campaign against them. A Moscow court is expected to deliver its verdict this week on Mikhail Khodorkovsky, the former Yukos chief executive and a major shareholder, who has stood trial on multiple charges of fraud and tax evasion...
...Foreign firms, too, are vulnerable. Russian tax authorities recently slapped BP's oil joint venture in Russia, TNK-BP, with a $1 billion back-tax bill for 2001. The move has caused dismay at BP in London and prompted Chief Executive John Browne to schedule a trip to Moscow last week, where he met personally with Putin. Meanwhile, the Japanese tobacco company JTI, which makes Winston and Camel brands at a $400 million state-of-the-art factory it built in St. Petersburg, is embroiled in a furious court battle with authorities over a more than $80 million tax demand...