Oil Yukos Chief Challenges Investors

Simon Kukes, chief executive of Yukos, the Russian oil group, yesterday challenged the authorities and shareholders to come clean over the stalled merger with Sibneft. With the Russian courts effectively trying to force a demerger between Yukos and Sibneft, Mr Kukes sais he and his directors could go ahead with it.

Last month Sibneft shareholders persuaded a Moscow court to annul a Yukos share issue to buy 57.5% of Sibneft. Mr Kukes said the deal had been completed "and money and shares changed hands" seven months ago and no proposal to sell the Sibneft shares owned by Yukos back to the former Sibneft stock holders had been presented.

He urged any shareholder "or other interested party" to provide concrete proposals for a demerger to the Yukos board. "If no such proposals are received, the management board will continue its plan for consolidation." - David Gow