Embattled Russian billionaire Mikhail Khodorkovsky, the main owner of oil giant YUKOS, arrived at a court in Moscow yesterday for the opening of his trial on fraud and tax evasion charges.
Khodorkovsky, Russia's richest man, will be tried along with another major shareholder in YUKOS, Platon Lebedev. The trial is seen by many as a government-inspired push to jail Khodorkovsky and strip him of his wealth.
His downfall is said by analysts to be the work of people in the Kremlin who fear he was using his wealth to sway public policy and mount a challenge to their authority.
PHOTO: REUTERS
Khodorkovsky, 40, wearing a brown leather jacket, arrived in a large blue van at a side entrance to the Meschchansky district court in Moscow and was led in by police. Inside the building, he waved to his parents, reporters and lawyers before being led into the courtroom.
The trial, before a panel of three judges, is an important test case for President Vladimir Putin, who has said he wants justice to run its course in the YUKOS affair. He has also warned that tax evasion will not be tolerated and that other captains of industry may face prosecution.
YUKOS shares fell by up to 12 percent on Moscow's Micex stock exchange yesterday after at one point on Tuesday plunging 14 percent to US$6 on the benchmark RTS exchange, its lowest level for more than two years.
Human rights activists accuse Putin of manipulating the judicial process to suit the state's interests. The hearing was part of a two-pronged judicial assault on YUKOS and its owners, which comes to a head this week and could put the company in bankruptcy.
A Moscow court will hear an appeal tomorrow by Russia's tax ministry aimed at forcing YUKOS to pay a US$3.4 billion bill for back taxes immediately.
If the court finds in favour of the tax authorities, as expected, YUKOS says it may go bust because another court has frozen the company's assets, making it impossible for YUKOS to raise enough cash in time to pay the bill.
A member of Khodorkovsky's legal team said he was in little doubt that both men would be convicted and receive jail sentences of up to 10 years.
"They are going to be found guilty," Robert Amsterdam, a Toronto-based lawyer, said.
"It is a show trial to help the government expropriate YUKOS," he said.
Some analysts say that if YUKOS is driven out of business, Khodorkovsky and his associates, who control the oil group through a company called Menatep, will be dispossessed of their prize asset.
Investors appear to be giving up hope of a negotiated settlement with the authorities that could let YUKOS off the hook. "I personally do not see any other scenario apart from bankruptcy," said Stephen Dashevsky, an analyst at Aton brokerage in Moscow.
A new online voting system aimed at boosting turnout among the Philippines’ millions of overseas workers ahead of Monday’s mid-term elections has been marked by confusion and fears of disenfranchisement. Thousands of overseas Filipino workers have already cast their ballots in the race dominated by a bitter feud between President Ferdinand Marcos Jr and his impeached vice president, Sara Duterte. While official turnout figures are not yet publicly available, data from the Philippine Commission on Elections (COMELEC) showed that at least 134,000 of the 1.22 million registered overseas voters have signed up for the new online system, which opened on April 13. However,
ALLIES: Calling Putin his ‘old friend,’ Xi said Beijing stood alongside Russia ‘in the face of the international counter-current of unilateralism and hegemonic bullying’ Chinese President Xi Jinping (習近平) yesterday was in Moscow for a state visit ahead of the Kremlin’s grand Victory Day celebrations, as Ukraine accused Russia’s army of launching air strikes just hours into a supposed truce. More than 20 foreign leaders were in Russia to attend a vast military parade today marking 80 years since the defeat of Nazi Germany in World War II, taking place three years into Russia’s offensive in Ukraine. Putin ordered troops into Ukraine in February 2022 and has marshaled the memory of Soviet victory against Nazi Germany to justify his campaign and rally society behind the offensive,
ENTERTAINMENT: Rio officials have a history of organizing massive concerts on Copacabana Beach, with Madonna’s show drawing about 1.6 million fans last year Lady Gaga on Saturday night gave a free concert in front of 2 million fans who poured onto Copacabana Beach in Rio de Janeiro for the biggest show of her career. “Tonight, we’re making history... Thank you for making history with me,” Lady Gaga told a screaming crowd. The Mother Monster, as she is known, started the show at about 10:10pm local time with her 2011 song Bloody Mary. Cries of joy rose from the tightly packed fans who sang and danced shoulder-to-shoulder on the vast stretch of sand. Concert organizers said 2.1 million people attended the show. Lady Gaga
CONFLICTING REPORTS: Beijing said it was ‘not familiar with the matter’ when asked if Chinese jets were used in the conflict, after Pakistan’s foreign minister said they were The Pakistan Army yesterday said it shot down 25 Indian drones, a day after the worst violence between the nuclear-armed rivals in two decades. Pakistani Prime Minister Shehbaz Sharif vowed to retaliate after India launched deadly missile strikes on Wednesday morning, escalating days of gunfire along their border. At least 45 deaths were reported from both sides following Wednesday’s violence, including children. Pakistan’s military said in a statement yesterday that it had “so far shot down 25 Israeli-made Harop drones” at multiple location across the country. “Last night, India showed another act of aggression by sending drones to multiple locations,” Pakistan military spokesman Ahmed
RSS