More Khodorkovsky news for you today Kovalyovee,
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Russia's Khodorkovsky Could Be Held for Two Years
Wed November 12, 2003 08:39 AM ET
By Ron Popeski
MOSCOW (Reuters) - Mikhail Khodorkovsky, former head of Russian oil giant YUKOS, could be kept in custody for up to two years as investigators draw up a tax evasion and fraud case against him, a top prosecutor was quoted as saying on Wednesday.
The Natural Resources Ministry, meanwhile, was deciding whether to revoke Siberian oilfield licenses from a subsidiary of YUKOS, the target of what is widely seen as a drive by Kremlin hard-liners to clip Khodorkovsky's political wings.
The ministry's decision is seen as an indication of whether months of legal assault by prosecutors is directed at the firm as a whole or only at its billionaire boss -- plucked at gunpoint from an aircraft last month and ordered held in prison.
Russian news agencies, quoting deputy prosecutor Vladimir Kolesnikov, said the oil magnate's time in pre-trial detention depended on the volume of work to be handled by investigators.
"The case could be pursued within optimal deadlines, meaning within two months," Interfax news agency quoted him as saying.
"If there is a large volume of work, we could extend his detention up to 12 months, and if it turns out to be extraordinarily large, up to two years."
He told a round table discussion he could not rule out new facts emerging and fresh charges against Khodorkovsky, accused of tax evasion and fraud of over $1 billion.
Khodorkovsky, Russia's richest man with a fortune estimated at $8 billion, was bundled off to Moscow on October 25, charged with seven counts of fraud and tax evasion and ordered held in prison until December 30. Two other YUKOS shareholders also face charges.
On Wednesday, the company's stock was up 0.8 percent at $11.45 after falling more than two percentage points on Tuesday and dropping by 20 percent since Khodorkovsky's arrest.
BAIL REJECTED
On Tuesday, a court refused to grant bail to Khodorkovsky, who appeared confident in an appearance on a video link. His lawyers have vowed to appeal to higher authority, including the European Court of Human Rights in the French city of Strasbourg. Continued ... 1| 2 Next
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