Russia's beleaguered Yukos seeks to cut ties with shareholders

0 Comments | AFP, February, 2004

MOSCOW (AFP) — Russia's beleaguered oil giant Yukos is likely to replace one of its top managers as it seeks to disassociate itself from core shareholders who are facing criminal charges, a source close to the company told AFP.

The Yukos board will soon consider the replacement of Mikhail Brudno as president of Yukos RM, the company's refining and marketing unit, the source said Monday.

Brudno, who owns more than three percent of Yukos, was charged last month with embezzlement, joining the other five core company shareholders being pursued by the legal authorities.

Yukos, Russia's largest oil producer, has been in prosecutors' firing line since June and its main shareholder and Russia's richest man Mikhail Khodorkovsky has been in jail since late October on...