Minority shareholders of Yukos demanded a report from Dutch funds


The owners of about 10% of the shares liquidated in 2007, Yukos was required to disclose the distribution of cash proceeds from the sale of foreign assets, Vedomosti reports.

The applicants in Russia, is the Executive Director of the legal Bureau “System support”, the former lawyer of Yukos Svetlana Bakhmina. According to her, the first pre-trial requirements have been sent to the Dutch trust Stichting Administratiekantoor Financial Performance Holdings (SAFPH), and several individuals have finished preparing the necessary documents.

At the end of 2015, it was reported that SAFPH plans to pay those who by the time of the liquidation of Yukos was owned ordinary shares or American Depositary receipts of the company, compensation for a total of $337 million still unhappy with the adopted scheme of distribution of funds minority shareholders believe that the plan infringes on the rights of the small shareholders, especially those who acquired shares shortly before the collapse of the company. Such shareholders can hope for very little compensation, while the majority of the funds obtained by the companies, directly controlled by the group GML (the majority shareholder of Yukos). In the press release representing the interests of the applicants firm Jones Day () it is noted that such an approach violates “the principles of justice and reasonableness”.

The initiators of the protest also questioned the impartiality of Directors SAFPH, which, according to their information, will receive 10% of transfer in favour of GML resources and also use the Fund to pay themselves large bonuses and pay for the stay in extremely expensive hotels and Charter flights. In this regard, dissatisfied promise to “use all legal possibilities in the interests of all former minority shareholders of the company, including the displacement of existing Directors SAFPH and replacing them with independent professional Trustee appointed by the court.”

Bakhmina explained that the beginning of payments after a settlement agreement concluded between Yukos and Rosneft. It group company YUKOS were able to stop further disputes by forgiving Russian companies requirements by approximately $400 million. According to expert estimates, only one SAFPH managed to accumulate $500-600 million, the newspaper said. In total should be allocated about $1.5 billion.