Talking to Vedomosti, a Yukos spokesperson noted that foreign directors had raised the voluntary-bankruptcy issue because Yuganskneftegaz might be sold for an artificially low price.
Yukos articles of association state expressly that the corporate management alone can file a bankruptcy lawsuit with a court of arbitration, but the board of directors has no right to order the management to act in this manner. At the same time, board members are saying openly that this move is untimely. "I believe a bankruptcy decision is just as premature as speculation to the effect that we have already lost Yuganskneftegaz," Alexander Temerko, a senior Yukos vice-president, noted.
Moreover, the corporate management fears that it might be accused of fraudulent bankruptcy. A Vedomosti source in the Justice Ministry did not rule out such developments, noting that the court of arbitration could reject a Yukos claim for voluntary bankruptcy.
Dresdner Kleinwort Wasserstein, which evaluated Yuganskneftegaz as a separate enterprise, estimates its total price at $18.6-21.1 billion. However, court bailiffs suggested selling 100% of Yuganskneftegaz voting shares, which total 76.8% of the company's authorized capital, for just $3-4 billion, i.e. equal to the Yukos tax arrears. The Russian Federal Property Fund (RFFI) has not yet set the relevant auction deadline or the initial bidding price. The auction may take place in late December, RFFI spokesman Vladimir Zelentsov said.
