HOUSTON, Feb. 24 2005 – LAWFUEL – The Law News Network– Commenting on the ruling issued today by the U.S. Bankruptcy Court, Southern District of Texas, Houston
Division, YUKOS Oil Company issued the following statement:
YUKOS Oil Company Chief Executive Officer, Steven Theede, said tonight:
“It is regrettable that the Deutsche Bank motion to dismiss was granted by
the Court. We must now consider all the options available to us and determine
what our next steps will be.
“We believe the merits of our case are strong and simple. Our assets were
illegally seized. We want them back and/or damages paid.
“We have read the Judge’s opinion and it supports YUKOS’ position on four
of the five issues. The Judge’s opinion found in favor of YUKOS on the issues
of: Jurisdiction, Forum Non Conveniens, Comity and Act Of State Doctrine.
Nevertheless the court dismissed the case under Section 1112 (b) of the
Bankruptcy Code.
“There is no doubt that we acted appropriately in bringing this to the
U.S. Bankruptcy Court because it was the only forum available to us that would
ensure that the company, its employees, its shareholders and its creditors
were protected against on-going inappropriate treatment at the hands of the
Russian authorities.
“Given our fiduciary responsibility, and the same conditions, we would do
the same thing again. We have the utmost respect for this Court and have found
the experience of participating in a fair, open and unbiased legal process
refreshing after nine months of being subjected to politicized and biased
Russian courts. We will thoroughly review our options and will take the
appropriate actions in due course.”
Forward-looking statements. Some of the information in this press release
may contain projections or other forward-looking statements regarding future
events or the future financial performance of YUKOS. We caution you that these
statements are not guarantees of future performance and involve risks,
uncertainties, and assumptions that we cannot predict with certainty.
Accordingly, our actual outcomes and results may differ materially from what
we have expressed or forecasted in the forward-looking statements. We do not
intend to update these statements to make them conform with actual results.
