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. Last Updated: 07/27/2016

Yukos Owes $10.8Bln in Back Taxes

Yukos owes 273 billion rubles ($10.8 billion) in taxes after the bankrupt oil company's assets were sold, reducing prospects shareholders will be paid.

The payment that tax authorities are seeking on sales of property and the company's operating income is 26 percent more than estimated by bankruptcy manager Eduard Rebgun, his spokesman, Nikolai Lashkevich, said Friday.

Rebgun raised almost 859 billion rubles selling off Yukos' assets in forced auctions this year, most of which state-run Rosneft won to become the country's largest oil company. The assets were sold at prices higher than appraisers had set.

The Moscow arbitration court will probably consider the tax service's claim Oct. 8, Lashkevich said.

"The proceeds may not cover everything," he said. "We'll decide what to do after the court's ruling."

Yukos, once the country's largest oil exporter, has paid off more than half the 709 billion rubles owed to creditors. Rosneft led the bankruptcy case against Yukos as the second-largest creditor after the tax authorities. Some additional creditors have also come forward with claims of 1.24 billion rubles, Lashkevich said.

"The recent announcement of tax charges increases the risks of zero pay-off to Yukos' minority equity investors," Deutsche Bank analysts Pavel Kushnir and Olga Danilenko wrote in a research note Friday.