Zee Beam News

04-21-2009 - Upstream OnLine - Mikhail Khodorkovsky, the founder of now-defunct Russian oil giant Yukos, pleaded not guilty today to four charges of embezzlement and money laundering in a fresh trial. In response to four separate charges that were read out, Khodorkovsky responded each time: "I plead not guilty." His co-defendant and former business partner, Platon Lebedev, condemned the conduct of the case, an AFP report said. "This is not an accusation but a schizophrenic fraud.... I have never stolen anything nor raided anything in my life, either individually or in a group. To confess to a crime that has not taken place is ridiculous," AFP quoted Lebedev as saying. Khodorkovsky was already convicted and sentenced to eight years imprisonment afetr being found guilty of fraud and tax evasion charges but is undergoing a new trial for embezzlement. His supporters have condemned the trial as politically motivated, aimed at keeping the 45-year-old critic of Prime Minister Vladimir Putin out of the political scene indefinitely. Current President Dmitry Medvedev has so far declined to intervene, while insisting on the independence of the courts and promising to improve legal standards in Russia. Prosecutors claim Khodorkovsky and Lebedev embezzled a massive quantity of oil worth 892.4 billion rubles ($25 billion) from three Yukos subsidiaries between 1998 and 2004. They are also accused of then laundering part of the proceeds, amounting to 487.4 billion rubles in Russian currency and $7.5 billion in hard currency. Defence lawyers say that in a worst-case scenario Khodorkovsky could face a further 22 years in jail.