Tycoons scrambling for Yukos assets after default

[Minstrel Boy]

Tycoons scrambling for Yukos assets after default

Aug 13

MOSCOW: Russian tycoons hovered yesterday over the dismembered oil giant Yukos while its jailed founders tried to pull the company back together in a dramatic fight for assets in the world's number two exporter Russia.

Yukos, which accounts for one in every five barrels of oil pumped in Russia, announced on Wednesday it was in default yet again.

Yukos was declared in default last week by Bank Menatep - founded by the principal Yukos shareholders who control just over 40 per cent of the shares, now frozen - that now wants to recover its $1.6-billion loan to the company. Most agreed yesterday that Menatep and its founder Mikhail Khodorkovsky were simply trying to be quick off the mark as their company is sold off. The state has first rights to Yukos property, claiming a massive tax bill of $3.4bn that could balloon to nearly $10bn in coming months.

But Menatep's decision to call in the debt early would put the company's original founders - all now either in jail or self-imposed exile - second in line. This theoretically should put them ahead of their major energy rival. These would include those now chaired by a security service agent who has a powerful post in Vladimir Putin's administration.
http://www.gulf-daily-news.com/Story.asp?Article=89116&Sn=BUSI&IssueID=27146

[Minstrel Boy]

1. Death threats before crash

Death threats before crash

Aug 7

A LAWYER for a Russian oil giant who died in a mystery helicopter crash had told friends he had received death threats, The Western Mail can reveal.

It is believed Stephen Curtis, a former Welsh university student, had been targeted by the Russian secret service shortly before his death earlier this year.

Mr Curtis, who was left in control of crisis-hit Russian oil firm Yukos after the jailing of its boss Mikhail Khodorkovsky, is also thought to have contacted British intelligence agencies before he died.

...

Lawyer Robert Amsterdam, who is representing Yukos shareholders under arrest in Russia, said, "The timing of the crash could not have been worse for the company. If someone had planned to do something, this would have been the time that would have been chosen."

http://icwales.icnetwork.co.uk/0100news/0200wales/tm_objectid=14506279&method=full&siteid=50082&headline=death-threats-before-crash-name_page.html

[seemslikeadream]

2. Dresdner called in over Yukos crisis

As Mikhail Khodorkovsky, Yukos's main shareholder, returned to court for his trial on tax evasion charges, the extent of international concern about the future of the company began to emerge. Reuters reported that Condoleezza Rice, the US national security adviser, called the Kremlin at the weekend to express concern about the company, which is Russia's largest oil exporter, pumping 1m barrels a day.

Yukos has attracted worldwide interest ever since Mr Khodorkovsky was arrested in October.

DKW's appointment was re garded as a sign that Russia wanted to depoliticise the sale of Yuganskneftegaz, which Yukos has valued at more than £20bn. It would not be expected to achieve such a price if it were sold in a competitive tender because of the continued uncertainty about the attitude of the Russian authorities towards the company.
http://www.guardian.co.uk/business/story/0,3604,1282147,00.html