Yukos
to pursue all legal options
Posted: 29 March 2004
The extraordinary shareholders meeting of Sibneft that Yukos had
requested to call on March 28 was declared invalid by the organisers
due to the lack of quorum. The decision followed the cancellation
by the Sibneft's registrar (ZAO Rost) of the voting ballots of Yukos
Oil Company that owns 92 per cent of Sibneft.
"The organisers did not comply with required legal procedures
when conducting the shareholder's meeting and the Yukos ballots
should not have been cancelled," said President of Yukos, Moskva
Steven Theede. "Regardless of much discussed agreements between
certain shareholders, management has an obligation to take all legal
steps available to protect the interests of the company and all
shareholders."
Sibneft's public statements that the results of the shareholders
meeting were allegedly based on certain agreements of Yukos' core
shareholders do not correspond to reality. Yukos has never entered
into any agreements regarding any specific mode of disposing the
interest in Sibneft that it owns.
Acting in the interests of all shareholders, Yukos carries out
management procedures in respect of Sibneft and disposes of its
assets exclusively within the framework of the Russian legislation
and international standards of corporate governance.
For more information see www.yukos.com
Posted by Richard Price,
Editor Pipeline Magazine
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