Bloomberg is reporting that once again Russia's leader Putin is crushing private a publicly—listed company with onerous tax claims. This current new claim is remiscent of Putin's attack on oil company Yukos, whose controlling shareholder was leading advocate of further democracy.

AO VimpelCom, Russia's second—largest mobile—phone company by subscribers, said it received a claim of 4.4 billion rubles ($157 million) for back taxes, penalties and fines from 2001. The stock fell as much as 22 percent in Germany.The tax claim amounts to 2.5 billion rubles, and penalties and fines make up the rest, the company said in an e—mailed statement. Moscow—based VimpelCom will appeal the claim that so far can't be enforced, company spokesman Mikhail Umarov said. The claim against VimpelCom, whose shares mostly trade in New York, follows a $20 billion tax demand on OAO Yukos Oil Co.,Russia's second—largest oil producer, as President Vladimir Putintightens his grip on the economy.

Ed Lasky  12 8 04