Assets Frozen by Russian Authorities Returned Following 12-year Legal Battle.
HOUSTON, August 10 – The Yukos Foundation announced today that it is completing a distribution of more than $300 million to former Yukos Oil Company shareholders who properly identified themselves and were verified to receive the funds. Today’s announcement is the result of an exhaustive 12-year legal battle exposing the Russian Federation’s unlawful bankrupting of Yukos Oil Company.
“The Yukos Foundation has fought hard for the past 12 years in order to return Yukos financial assets to their rightful owners – the shareholders of Yukos Oil Company,” said Steven Theede, former Yukos CEO. “The board of directors of the Foundation is pleased to finally be able to put the money back in their hands.”
The current payments are a continuation of returning financial assets to shareholders following the settlement of all legal proceedings between the Yukos Foundation and state-controlled Rosneft. These payments are separate and distinct from the Yukos Foundation’s continuing legal dispute with Promneftstroy where the Amsterdam Court of Appeal recently ruled the Russian Federation unlawfully bankrupted Yukos Oil Company, a decision which moves the legal fight by the Foundation one step closer to distributing additional funds.
The Yukos Foundation engaged GCG, the leading global provider for class action settlement administrations, bankruptcy matters, regulatory settlements, and data breach response programs, to manage the claims process. GCG has been working closely with the Yukos Foundation, in a deliberate and methodical process stretching across numerous countries in seven different languages, to identify thousands of former shareholders and distribute the funds to them.
Yukos, which was once Russia’s largest oil company, was bankrupted in 2006 after Russian authorities imposed back tax claims and fines of $24 billion in what was widely seen as a politically motivated assault on then-Yukos CEO Mikhail Khodorkovsky. Former Yukos assets today form the bulk of state-controlled Rosneft, the world’s biggest public oil producer.
About the Yukos Foundation
The Yukos Foundation was formed in 2005 to ensure the assets of the Yukos group outside Russia are protected and fairly distributed to the company’s former creditors and shareholders once asset litigation is resolved and it’s lawfully permitted to do so. The Foundation works to identify and verify Yukos shareholders in order to return financial assets to them when legal challenges are completed.
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