The reading of Yukos Founder Mikhail Khodorkovsky’s verdict has finally concluded, and he was found guilty of six out of seven charges of fraud and tax evasion.
Khodorkovsky has been sentenced to nine years in prison. The trial has been going on for 11 months, and the reading of the verdict took place for 12 days after being postponed. The sentence will more than likely be increased, as the judges are preparing to bring more charges against him.
Platon Lebedev, Khodorkovsky’s business partner, who was also on trial, received the same sentence. Lawyers of both defendants will appeal the verdict and are expected to do so within the next 10 days, which is the time allowed under Russian law. Andrei Krainov, another defendant in tthe case, was only given a five-and-a-half-year suspended sentence.
“Khodorkovsky and Lebedev entered into an organized group with the aim of illegally appropriating other people’s property and then selling the assets for their own gain,” chief judge Irina Kolesnikova said. “The court finds (the defense arguments) to be groundless.” According to Guardian Unlimited,
Supporters of Khodorkovsky claim it is part of a Kremlin-driven campaign to punish him for funding opposition parties and to stifle his own political ambitions. The sentence would keep him in prison well past the 2008 presidential elections, and could potentially also encompass the 2012 elections.
Last year, Forbes magazine estimated that Khodorkovsky was Russia’s richest man, with a personal fortune of $15bn (8.2bn). This year, his wealth was estimated at $2.2bn.
Yukos itself used to be worth $40 billion, but that amount has sunk like a brick in water since the arrest of Khodorkovsky. The company’s shares have fallen by 95%.
“Any time the business community sees something that impacts business and doesn’t really understand why, then that’s a setback because then businesses will not want to invest,” said US commerce secretary Carlos Gutierrez.
Ealier this year, Yukos was acquired by a state-controlled oil company at a controversial auction. The company’s back tax bills totaled up to nearly $28 billion.
Chris is a staff writer for murdok. Visit murdok for the latest ebusiness news.
