Former Yukos-Moscow CEO ruled guilty; but freed on the spot

[Dover]

Former Yukos-Moscow CEO ruled guilty; but freed on the spot

February 05, 2004 Posted: 14:43 Moscow time

MOSCOW — The Meshchansky Court convicted former CEO of Yukos Moscow Vasily Shakhnovsky on tax evasion charges, handling him one-year prison term on Thursday, but set him free on the spot due to what the court referred in to its ruling as a “changed situation”.

In parts, the court verdict reads that Shakhnovsky has ceased to be a public menace because he no longer works in the organizations where he had committed the crime....cont'd

http://www.russiajournal.com/news/cnews-article.shtml?nd=42394

[burrowowl]

1. Gee!

U$ gangsta-capitalism working well in Russia.

[Dover]

2. Yes very similar to the punishment for corp. criminals in the U.S.

Bilked billions from U.S. citizens? For shame! You're fired and therefore no longer a menace to society. I think they call it "time-out" in kindergarten.

In this case I assume it means he's no longer a threat to Putin, who wanted to make an example of him.

[Dover]

3. NYT - Oil Giants in Russia Reach Pact on Breakup

Oil Giants in Russia Reach Pact on Breakup
By ERIN E. ARVEDLUND

Published: February 4, 2004


OSCOW, Feb. 3 - After months of acrimony, the largest shareholders of Yukos and Sibneft, Russia's No. 1 and No. 3 oil producers, signed a protocol to reverse the $13 billion merger of the two companies.

The marriage would have created Russia's largest oil producer and the world's fourth-largest oil company, but both sides agreed to a rapid unwinding after Yukos dropped its demands that Sibneft pay compensation for killing the deal.

Late Monday, representatives of the largest shareholders of Yukos and Sibneft signed a protocol "on the execution of a de-merger transaction for the two companies," according to a statement by Millhouse Capital, which is also the majority owner of Sibneft, the smaller of the two oil concerns.

The actual transfer of money and shares has yet to be worked out. Under a likely "mirror deal" reversing the original merger, Yukos would transfer the 92 percent of Sibneft it received from Millhouse to the original owners, and Millhouse will return $3 billion in cash and a 26 percent stake in the combined company...cont'd

http://www.nytimes.com/2004/02/04/business/worldbusiness/04yukos.html?adxnnl=1&adxnnlx=1076051090-eh9WUAwJuCEEkyqhbfYvmw