Russian court extends oil tycoon's prison stay

Russian oil magnate Mikhail Khodorkovsky must stay in prison for three more months, according to a Moscow court decision on Tuesday.

Khodorkovsky, the leading shareholder and former chief executive officer of the Russian oil giant Yukos, was arrested in October and is being held without bail pending a trial on charges of fraud and tax evasion.

The court had been expected to make a decision Monday, but proceedings were adjourned for a day.

Khodorkovsky's supporters and political observers believe Russian government officials have gone after Yukos because they want to rein in Khodorkovsky's political ambitions and because he provided financial support to opposition political parties.

Observers predict the government won't decide to release Khodorkovsky on bail until after the presidential election on March 14.

Russian President Vladimir Putin says his government is merely acting against companies that broke the law during the sell-off of state property in the 1990s.

Khodorkovsky and several others created Yukos, now Russia's largest oil company, as state monopolies were broken up and sold to the public.

Details of the case against Khodorkovsky have not been disclosed, but prosecutors say they intend to show that he evaded taxes and committed fraud, forgery, embezzlement and other offences while heading Yukos.

No trial date has been set. Khodorkovsky faces up to 10 years in prison.