Court refuses Khodorkovsky bail
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Khodorkovsky, Russia's richest man, hoped to be given bail
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MOSCOW, Russia (CNN) -- A Moscow court has ruled that the former head of Yukos Oil Company, Mikhail Khodorkovsky, must remain in jail.
The Russian billionaire was arrested Oct. 25 on charges of fraud and tax evasion totaling more than $1 billion. He is expected to remain in custody until Dec. 30 at the earliest, pending an investigation into the charges.
Khodorokovsky's lawyers had appealed for his release from jail on bail or on a pledge not to leave Moscow, but the court turned down that request.
A spokesman for Yukos Oil, Hugo Erikssen, told CNN the decision was "no surprise."
Khodorkovsky was not in the courtroom, but followed proceedings on a video link from his jail cell. His lawyers requested the proceedings be conducted in open court. The court also refused that request.
A week ago Khodorkovsky -- Russia's richest man, with an estimated wealth of $8 billion -- resigned as head of embattled Russian oil giant Yukos in order to fight the case.
The conflict between Khodorkovsky and the Kremlin, which is accused of being behind the detention of the oil tycoon, has shaken confidence among investors in Russia and triggered concerns it may signal a rise in state interference in business.
The conflict between the Kremlin and Yukos erupted in July, when police arrested one of Yukos' key shareholders Platoon Ebbed. A few days after Khodorkovsky's arrest prosecutors also impounded a major stake of Yukos which they believed belonged to Khodorkovsky and his allies.
Analysts say the move has been orchestrated by the Kremlin to punish the billionaire for supporting liberal opponents of President Vladimir Putin ahead of parliamentary and presidential elections in the coming two years.
-- CNN Moscow Bureau Chief Jill Dougherty contributed to this report
