YUKOS' subsidiaries to open new bank accounts

YUKOS' subsidiaries the bank accounts of which had been seized by bailiffs will have to open new bank accounts in the near future to fund day-to-day operations, pay taxes and allocate funds for salaries, the oil company said in its address to a Senior Detective of the State Prosecutor's Office, Mr.Tyutyunnikov. The Basmanny District Court of Moscow ruled that bank account of major YUKOS' subsidiaries must be seized. The company had about RUR76bn on the seized accounts.

YUKOS said that the decision to open new accounts was due to the necessity to invest in production not to cut it. Funds from selling the productions of YUKOS' subsidiaries are to be transferred to these new accounts.