Russian Authorities Seize Shares In Oil Company

Mikhail Gutseriyev (file photo) (ITAR-TASS)

August 8, 2007 -- The Russian Interior Ministry said today that it has seized all shares in the Russian oil company Russneft.

A Moscow court on July 31 approved the ministry's request to seize the shares in connection with a criminal investigation of the company's former chief executive, Mikhail Gutseriyev.

Russian law-enforcement authorities accuse Gutseriyev of tax evasion and "illegal business activities."

Russneft is one of Russia's top 10 oil firms in terms of production.

(Interfax, AFP)