Yukos Founder Mikhail Khodorkovsky was found guilty of six out of seven charges of fraud and tax evasion when the reading of his verdict finally concluded. He was sentenced to nine years in prison after an 11 month long trial. It took twelve days just for the judges to get through reading the verdict after it was postponed. The sentence will more than likely be increased, as the judges are preparing to bring more charges against him.
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 latest ebusiness news. 
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