YUKOS responds to Mikhail Khodorkovsky arrest
Posted: 26 October 2003
A statement by YUKOS Oil Company regarding the arrest of
Mikhail Khodorkovsky, Chairman of the YUKOS Management Committee
YUKOS Oil Company dismisses as absurd all charges made by the Procuracy-General
against Mikhail Khodorkovsky.
Mikhail Khodorkovsky was the first Russian businessman to realise
that the Russian economy and Russian business have no future if
they do not make the switch to international standards of corporate
governance, financial transparency, and social responsibility as
quickly as possible.
Khodorkovsky was the first to place the importance of business
ethics and a good business reputation on a par with such corporate
fundamentals as economic efficiency and consistent growth. And,
he was the first to actually start running his business fully in
line with these principles of civilised corporate behavior.
Mikhail Khodorkovsky's arrest will not have a significant impact
on the Company's operations. According to the YukosSibneft management
structure already in effect, Yuri Beilin, President of YUKOS EP,
is in charge of the upstream business unit, while Mikhail Brudno
and Peter Zolotarev are in charge of downstream operations. YUKOS
Oil Company First Vice-President Stephen Theede is responsible for
coordinating the Company's operational activities.
YUKOS recognises that it has a responsibility to its partners,
shareholders, customers, and workforce. The Company also recognises
its responsibility to society as a good corporate citizen. YUKOS
will consistently work to reduce production costs, increase productivity,
and improve the quality of its oil products. As winter approaches,
our partners in dozens of regions of Russia know they can rely on
the Company to be a dependable supplier of fuel. And, YUKOS will
conscientiously meet all of its obligations to its investors and
creditors.
The Company believes that the vulgar brutality with which the head
of one of the largest oil companies in the world has been treated
is a disgrace for the entire Russian law enforcement system. Although
we are confident that justice will triumph in the end, YUKOS Oil
Company does not doubt for a moment that the entire investigation
is politically motivated.
For more information see www.yukos.com.
Posted by Richard Price,
Editor Pipeline Magazine
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