Business
Court extends oil executive's prison time
Chita, Russia | May 10, 2008 12:01:13 AM IST
An East Siberian court has ordered former oil executive Mikhail Khodorkovsky to remain imprisoned, Novosti reported Monday. Khodorkovsky, founder of Russia's oil giant Yukos was convicted -- along with business partner Platon Lebedev -- of fraud and tax evasion in 2005. The schemes included theft of government shares, illegal oil trading and laundering $25 billion from 1998-2004. Khodorkovsky was convicted in 2005 and originally sentenced to eight years in prison. He was scheduled for release from the Chita detention center on Aug. 2. But prosecutors are pursuing a second set of charges against Khodorkovsky, who maintains he is innocent of the previous charges. Yukos was once the country's largest independent oil producer but it was dissolved in 2007 after tax evasion charges brought the company down. (UPI)
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