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Generational Dynamics Web Log for 22-Jul-04

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Russian President Putin appears maneuvering to nationalize Yukos

Russian President Putin appears maneuvering to nationalize Yukos

This situation smells worse for investors every day, as it appears that Putin is harvesting Yukos' wealth for whatever purpose, as I described two weeks ago.

For several days, investors have been suspicious of a planned forced sale of Yukos' "crown jewel," it's largest subsidiary, Yuganskneftegaz, to pay off back taxes.

That may seem OK, but it's not the right way to do it. In order to protect the investors, Yukos should be given an opportunity, for example, to auction off Yuganskneftegaz, in order to get as much money for the subsidiary as possible.

But that's not what happening. Instead, Putin evidently plans the forced sale of Yuganskneftegaz to a Kremlin-controlled oil firm, at a fraction of its market value. This means that investors lose a great deal of money, and Yuganskneftegaz is effectively nationalized.

Yukos is planning to hold a press briefing later today, at which it's expected to say it will file for bankruptcy. This appears to be a counter-maneuver to take advantage of Russian laws and prevent the sale of Yuganskneftegaz. Yukos might then be able to sell off Yuganskneftegaz itself, and gain more money for the investors.

The stench is growing. We'll see if Putin permits this counter-maneuver. (22-Jul-04) Permanent Link
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