Stephen Lynch says he wants to sell the Yukos assets he acquired last week |
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Tue, 21 Aug 2007 08:37
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MOSCOW (Thomson Financial) - US investor Stephen Lynch told the Moscow Times he plans to sell the Yukos Finance BV assets he bought last week at auction for 305 mln usd.'I'm confident this asset will find a home,' Lynch told the newspaper.Lynch said he bought the assets of the Netherlands-based unit of Yukos with funds from his own Monte Valle investment group, along with contributions from US hedge fund VR Capital and several other parties.Lynch described the investors' money as 'non-Russian, foreign capital,' without elaborating further on its origin.Lynch bid for the assets via his Promneftstroi company, which he acquired from Rosneft OJSC one day before last Wednesday's auction.Earlier reports appeared in the Russian press stating that Monte Valle would sell the assets to Rosneft, which has acquired the bulk of the Yukos's assets at recent auctions mandated by the oil company's bankruptcy administrator.Yukos, once Russia's largest oil producer, was declared bankrupt last year as part of a controversial tax evasion case against the company.Yukos Finance has insisted that as the bankruptcy of Yukos has not been recognised under Dutch law, Russia is not entitled to sell its assets, according to Russian press agencies.alfred.kueppers@thomson.comamk/rwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Yukos Dutch unit assets cannot be sold, says lawyer hired by ex-management 