Norex Petroleum Limited Provides Record Evidence of Defendants' Massive Money Laundering and Tax Fraud in its Opposition to the Motion to Dismiss in the New York RICO Litigation against Alfa/Crown, Access/Renova and TNK Defendants

CALGARY, July 2 /PRNewswire/ - On July 2, 2003 Norex Petroleum Limited, a Canadian based Oil Company whose control over Yugraneft Corporation, an oil company in Russia, was illegally seized by Access/Renova, Alfa/Crown and TNK Group (collectively "Defendants") filed its opposition to the Defendants' Motion to Dismiss, providing record evidence in support of its RICO complaint against the Defendants, including irrefutable proof of its profit diversion, money laundering, and tax evasion claims.

In February, 2002, Norex brought claims under the RICO statute in the US District Court for the Southern District of New York against Defendants and their officers for harm suffered by the illegal seizure of its control over Yugraneft as part of an overarching illegal scheme to obtain dominance over the Russian oil industry. Norex claims that Defendants' illegal scheme was perpetrated through act of mail and wire fraud, extortion, money laundering, illegal monetary transactions, Travel Act violations, bribery, fraud, armed force and physical threats. Earlier this year Defendants moved to dismiss Norex's complaint on jurisdictional and various legal procedural grounds.

In this latest pleading, Norex filed its opposition, including detailed fact and expert declarations, explaining how the Defendants, including seven Americans, used New York as the base for their worldwide criminal conduct.

Norex also served its Amended and Restated Disclosures naming more than 40 witnesses related to Defendants and more than 150 third parties witnesses; it also identified over 100 related entities in numerous jurisdictions around the world as well as banks and outside advisers which have relevant documents.

Norex's case depends almost exclusively on English-speaking witnesses, of which over 80 are located in the USA and Canada alone, and over 150 others are located in English speaking Western jurisdictions. These witnesses include current and former officers of various companies like BP, European Bank for Reconstruction and Development, various American investors harmed by Defendants, employees of a myriad of offshore Slush Funds in the Isle of Man, Gibraltar, BVI, Liechtenstein, and Luxembourg, and various Crown Group companies (now allegedly merged into ERC Trading Limited).

Norex identifies and exhibits more than 100 documents in support of its allegations obtained by Freedom of Information Act from various U.S. government agencies, including the Department of State, Department of Treasury, Department of Commerce, and Export-Import Bank, as well as from various sources in the course of due diligence.

Norex also filed expert legal reports, describing the judicial system in Russia and corrupt court decisions regarding Yugraneft. In addition, Norex filed it Crude Oil Trading Expert report and relevant documentary evidence of oil price manipulations by TNK and the Crown Group companies and their involvement in tax fraud and money laundering in numerous jurisdictions. Most of the documents, which are now public record, will soon be available at norexpetroleum.com website.

Norex makes no comment with regard to recent TNK - BP (BVI) joint venture transaction agreement, signed in London and attended by Prime Minister Tony Blair and President of Russia Vladimir Putin.

SOURCE Norex Petroleum Limited