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YUKOS Affair Timeline

1993: Incorporation of YUKOS Oil Company (YUKOS)

1995-1996: Privatisation of YUKOS


YUKOS Oil Company 2000 to summer 2003

2000: YUKOS declare dividends to shareholders of around $300 million on


2000 earnings

June 2000: YUKOS Board of Directors adopts a Corporate Governance


Charter, setting policy goals and transparency standards in line with
international corporate governance best practice

June 2000: Shareholders of YUKOS begin electing foreign professionals with


significant international business experience as Directors

October 2000: YUKOS Board of Directors adopts a dividend policy for


shareholders, committing to progressively raise the yield and ratio of the
dividend paid from net income to levels close to those of large international oil
companies. This is the first policy of its kind in Russia

March 2001: YUKOS lists American Depositary Receipts (ADRs) on the New
York Stock Exchange

2001: An agreement with YUKOS Board members is created and signed,


dealing with conflicts of interest, Board member behaviour and insider
trading that provides a much higher standard than Russian law, and higher
than most other countries governance standards

2001: YUKOS declares dividends to shareholders of around $500 million on


2001 earnings

2001: YUKOS begins assisting the Russian government body FCSM in


developing its model Corporate Governance Code

2001: YUKOS becomes the first Russian oil company to begin quarterly
reporting of fully consolidated financial statements

2001: PwC begins to market its services in Russia by referring to its role in the
development of YUKOS-style financial reporting practices

2001: Changes in corporate governance and improved operating results see


YUKOS become one of the best performing stocks in the world. The Petroleum
Finance Company states that in 2001 the market value of YUKOS grew by
191% in comparison with 2000

April 2001: Bruce Misamore joins YUKOS as Chief Financial Officer,


overseeing financial transparency, corporate finance, tax, investor relations,
accounting, risk management, treasury and corporate governance within the
company. In accordance with YUKOS governance standards, Misamore
reports directly to the Board of Directors, as well as the CEO

2002: YUKOS is seen as the model for financial reporting, corporate


governance and investor relations in Russia

2002: YUKOS declares dividends to shareholders of around $700 million on


2002 earnings

2002: YUKOS principal shareholder group becomes the first of any large
Russian oil company to disclose its ownership structure to the public

2002: YUKOS achieves the highest ratings possible in all categories on its
corporate governance index

May 2002: YUKOS is the only Russian company to be ranked among the top
ten largest oil and gas companies worldwide by market capitalisation

Late 2002: By the fourth quarter of 2002, YUKOS is the largest oil company in
Russia by daily crude oil production, accounting for 36% of the production
increase in the country for that year

Late 2002: YUKOS achieves a 19% production growth for 2002

2003: The Investor Protection Association in Russia awards YUKOS the


Company with the Best Corporate Governance for the third year running

2003: The Russian government names YUKOS Best Company for


Compensation and Social Payments Programmes and Implementation of
Social Programs at Enterprises and Organisations

2003/2004: In accordance with requirements of the Sibneft acquisition


transaction, YUKOS pays a nine-month net dividend of $1.7 billion, a record
for any Russian company at that time

2003: With most of the objectives in the original Charter achieved, the
YUKOS Board of Directors approve a new Corporate Governance Charter,
based on the Organisation of Economic Cooperation and Development
principles of corporate governance

January 2003: Moodys Investor Services rates YUKOS as Ba2, at that time
the highest long-term and foreign currency issuer ratings for any private
Russia company, equivalent to the Russian government

Spring 2003: Some financial analysts begin to value YUKOS at up to $70


billion

April 2003: Reporting of first audit by tax authorities YUKOS is given a


clean bill of health and confirmation that all appropriate taxes have been paid
to Ministry.

April 2003 YUKOS and Sibneft, controlled by Roman Abramovich, announce


merger/acquisition plans

!
The YUKOS Attacks

19 June 2003: Alexei Pichugin, a manager in the YUKOS Security


Department, is arrested and charged with murder

2 July 2003: Platon Lebedev, Chairman of the majority shareholder group, is


arrested while in hospital and charged with fraud, embezzlement and tax
related to the acquisition of Apatit fertilizer company by Group Menatep from
the Russian government in the 1990s

9 July 2003: Probe launched into Yukos' tax positions

11 July 2003: Russian authorities conduct the first of a significant number of


surprise raids on YUKOS Moscow offices. Armed and masked officers trawl
through computer records for around 17 hours

19 September 2003: 1st tax certificate of YUKOS. The tax certificate shows
that all arrangements are in order and the usual process adhered to

3 October 2003: YUKOS and Sibneft merge in a deal that was supposed to
make the combined company the largest in Russia

17 October 2003: The Prosecutor-Generals Office files charges against Vasily


Shaknovsky, President of YUKOS-Moscow and member of the YUKOS
Management Committee, accusing him of tax evasion from 1998 to 2000

23 October 2003: 2nd tax certificate of YUKOS. The tax certificate shows that
all arrangements are in order and the usual process adhered to

25 October 2003: Mikhail Khodorkovsky is arrested at gunpoint by FSB


Special Forces at Novosibirsk Airport

October 2003: Simon Kukes is elected to take the place of Mikhail


Khodorkovsky as Chairman of the Management Committee of YUKOS, in
addition to his position as Chairman of the Board of YUKOS

17 November 2003: 3rd tax certificate of YUKOS. The tax certificate shows
that all arrangements are in order and the usual process adhered to

5 December 2003: Russia's Kudrin says Yukos tax being checked

8 December 2003: Despite the clean bill of health for YUKOS tax liabilities
granted by the Ministry in 2003, a re-audit of the 2000 tax liabilities is
announced

29 December 2003: Just 21 days later, and exactly three days before the
statute of limitations falls on the 2000 tax liabilities, the audit of liabilities of
YUKOS for 2000 by the tax authorities is announced, seeking $3.3 billion in
additional taxes

2004: Bruce Misamore is voted best CEO/CFO in Russia by financial analysts


in a poll conducted by IR Magazine

Early 2004: YUKOS corporate governance standards are ranked second


among the worlds top 20 publicly-traded oil and gas companies by the Energy
Intelligence Group, ahead of companies such as ExxonMobil, BP and Royal
Dutch/Shell

January 2004: The management of YUKOS challenges the tax assessment.


They meet with the tax authorities to point out numerous errors in the audit,
many of which the authorities admit at the time

14 April 2004: Retrospective tax assessment for 2000 (including taxes,


penalties and penalty interest) announced by the Tax Ministry as $3.37
billion. YUKOS is given only 48 hours, until 16 April 2004, to pay the sum in
full. As the law in Russia allows, YUKOS commences emergency proceedings
to dispute the alleged liabilities. The assessment is virtually identical to the
audit report, including all the errors to which the tax authorities previously
admitted

15 April 2004: A little under twenty-four hours after the alleged tax liability is
announced, the Tax Ministry files a secret court claim to recover the full sum,
which is immediately granted. The court agrees with the application by the
Ministry and the Bailiff service and a freezing order on all principal assets,
bank accounts and transfers is awarded, despite the fact that this would
prevent YUKOS from making any payment against the alleged liabilities

20 April 2004: S&P and Moodys cut YUKOS credit rating

22 April 2004: A request of YUKOS to the Tax Ministry and the Bailiff service
to off-set any liabilities during the legal process, show good will and remove
the freezing orders, by offering the companys shares in Sibneft is made. The
value of these shares secured during the share-swap of the merged company
achieved in 2003 could immediately pay off the apparent tax debt

23 April 2004: Just 24 hours after the request is made to the Bailiff service
and the Tax Ministry, the Moscow District Court rejects the request to limit
the frozen assets to the Sibneft shares

23 April 2004: Seeing the failure of the rule of law in Russia, the Board of
YUKOS approves filing an initial submission with the European Court of
Human Rights to state that it rights to protection of its property were being
breached

26 April 2004: Banks warn YUKOS they may default on credit of $1 billion
loan

17 May 2004: YUKOS launches an appeal against the tax assessment of 14


April 2004

17 and 18 May 2004: The General Prosecutors Office and the Tax Ministry file
a submission of 70,000 pages of exhibits for hearing of the tax claim for 2000
against YUKOS. The files are not shared with YUKOS or its legal counsel

18 and 19 May 2004: YUKOS is permitted to inspect 100,000 unorganised


pages of exhibits prepared by the tax authorities, put in cucumber crates and
held in a room at the Ministry of Taxes. No copies are allowed to be taken and
access and time is limited. YUKOS has just 48 hours to assess all evidence
against it and prepare its arguments based on the Tax Ministrys submission.

21-26 May 2004: The Moscow District Court commences a hearing of the
2000 tax assessment in the first instance, despite YUKOS disputes of
breaches of process, rule of law and lack of meeting-established court protocol

28 May 2004: Court rejects the YUKOS application for dismissal and refers
the YUKOS liabilities to the bailiffs for a payment scheme to be devised
adding fines, surcharges and additional collection taxes paid directly to the
bailiff services over and above the original demand.

June 2004: Steven Theede is appointed CEO of YUKOS Oil Company,


replacing Simon Kukes

June/July 2004: Despite the due process of law in the Russian courts and
prior to the courts ruling on the application against YUKOS by the tax
authorities, some weeks later the tax authorities begin confiscating cash from
YUKOS bank accounts, as well as agency accounts maintained by YUKOS for
its production subsidiaries

1 June 2004: Tax authorities receive the judgment on the 2000 tax
assessment and the alleged liabilities against YUKOS. It supports the
application made by the tax authorities.

2 June 2004: YUKOS eventually receives written judgment

03 June 2004: The courts reject an appeal against the freezing orders on
YUKOS assets by the tax authorities and the General Prosecutor of 15 April
2004

18 June 2004:Less than 20 days after the initial hearing and with no further
access to documentation, the Moscow courts hold the hearing of appeal
initiated by YUKOS regarding the alleged 2000 tax assessment

20 June 2004: Despite the fact that no ruling of the appeal has been given, the
Russian Federation authorities announce their intention to sell
Yuganskneftegaz (YNG), YUKOS main production subsidiary worth an
estimated $20 25 billion. By this point, the only tax reassessment levied
against YUKOS was the 2000 assessment of $3.72 billion, much of which was
already paid off due to the sweeping of the companys bank accounts

29 June 2004: Moving at an phenomenal rate, just 10 days after the hearing,
YUKOS receives the judgment on its appeal against the alleged liabilities of
tax assessment of 2000

30 June 2004: 24 hours later, despite the sweeping of bank accounts, the
court issues a payment order tax assessment for 2000 (including penalty and
penalty interest, not to mention the bailiff service fees of some 8% of the
original sum to which YUKOS is apparently liable) of $3.37 billion against
YUKOS. Despite the fact that all assets and bank accounts are already frozen,
new freezing orders are imposed by the court

Late June 2004: YUKOS tries to settle claims with the Ministry of Finance,
proposing a buy-out of some of its shares from GML as part of a general
settlement

1 July 2004: Russian Tax Ministry announces new tax claim against YUKOS of
$3.4 billion for year 2001

2 July 2004: In order to break the impasse, remove freezing orders, meet
demands of shareholders and commence normal business, YUKOS
reluctantly acknowledges the alleged tax claim and proposes settling it by
selling its 34.5% stake in Russian oil company, Sibneft. These shares are
valued at a significantly larger amount than that owed under the 2000 tax
reassessment. This proposal is again ignored by the authorities

3 July 2004: Over 100 government agents raid YUKOS Moscow


headquarters, seizing computers, computer servers and truckloads of
documents. No copies or records of the documents seized are provided to
YUKOS

6 July 2004: YUKOS appoints former Canadian Prime Minister, Jean


Chrtien to negotiate on its behalf. Mr Chrtien delivers a formal proposal to
Prime Minister Fradkov, with YUKOS offering $8 billion over a 24 month
period in final settlement of all tax claims. The authorities do not respond

9 July 2004: A further surcharge relating to the alleged taxes of 2000 at RUB
6.8 billion

14 July 2004: First step sale under execution of Yuganskneftegaz (seizure/


description of shares)

15 July 2004: Mr Chrtien repeats YUKOS $8 billion offer. Again, the


authorities do not respond

16 July 2004: YUKOS paid RUB 7 billion up to this date. YUKOS bank
accounts had been frozen but YUKOS still found ways to trade, including
loans to Russian subsidiaries from offshore companies, providing solutions
for salaries and contract payments

16 July 2004: Bruce Misamore submits an application to the Russian Ministry


of Finance on behalf of YUKOS, requesting a reasonable deferment or
instalment plan, assuring the Ministry that YUKOS will pay all sums
apparently owed. The application is rejected

20 July 2004: Officials announce plans to sell YUKOS' main production unit,
Yuganskneftegaz

22 July 2004: Public announcement by YUKOS about situation and seizure of


YNG shares. YUKOS publishes an open letter on behalf of its 105,000
employees, making it clear that the sale of YNG would drive the company out
of business

30 July 2004: Mr Chrtien writes to President Vladimir Putin to request an


answer to YUKOS settlement offer. Putin assures Mr Chrtien that a response
will come, but no response is ever given

6 August 2004: The Moscow District Court awards YUKOS' request to set
aside the seizure of YNG

6 August 2004: YUKOS writes to the Russian Chief Officer of Justice and
bailiffs seeking permission to sell non-core assets to pay at least some of the
outstanding tax reassessments. This is rejected

9 August 2004: An appeal of tax authorities against awarding of request to set


aside seizure of YNG is held

11 August 2004: Majority shareholders of YUKOS write directly to President


Putin offering to pass their shares to the company to pay tax arrears and
resolve the companys liability. No response is received

12 August 2004: Appointment of Dresdner Kleinwort Wesserstein Bank by


bailiffs for evaluation assessment of YNG

13 August 2004: Judgment of the District Court awarding the request to set
aside the seizure of YNG available

18 August 2004: Hearing on the appeal of the seizure YNG shares

23 August 2004: Appeal of tax authorities awarded regarding seizure of YNG


shares

2 September 2004: Not content with the impact of the alleged liabilities from
the 2000 tax arrears, the Tax Ministry announces a retrospective tax
assessment for 2001 (taxes, penalties and penalty interest) at RUB 119.9
billion ($4.1 billion) against YUKOS. This represents 130% of the companys
2001 consolidated gross income. YUKOS is ordered to pay within 2 days, but
before this time the Tax Ministry files court proceedings to recover the sums
demanded for these newly announced liabilities

9 September 2004: Payment order for the tax assessment for 2001 (including
penalties) at RUB 79 billion is demanded by the Russian authorities

20 September 2004: Surcharge regarding 2001 taxes at RUB 5.5 billion

23 September 2004: YUKOS paid RUB 68 billion up to this date

October 2004: YUKOS management presents a settlement proposal to Igor


Sechin, then Vladimir Putins deputy, with a total value of around $21 billion,
including all the shares of YUKOS held by Group Menatep. Discussions are
stopped by Mr. Putin and YUKOS chief negotiator, Alexander Temerko, flees
Russia after being threatened with arrest

06 October 2004: Assessment Yuganskneftegaz by DrKW Dresdner Kleinwort


Wasserstein had valued the Siberian production unit at between $18.6 billion
and $21.1 billion.

27 October 2004: Assessment Yuganskneftegaz by J. P. Morgan - Experts


from J.P. Morgan value Yuganskneftegaz at up to $25 billion.

Early November 2004: YUKOS pays the entire remaining tax reassessment for
2000 and asks for confirmation that the entire bill for 2000 has been paid.
There is no response from the Tax Ministry

2 November 2004: Russian Government announces new tax claims against


YUKOS of $10 billion for years 2001-2002

16 November 2004: Retrospective tax assessment for 2002 (taxes, penalties,


penalty interest) at RUB 193.8 billion ($6.76 billion)

19 November 2004: Announcement of the auction of Yuganskneftegaz shares.


The government sets the opening bid at $8.65 billion for 76.79% of YNGs
share capital, well below its true value. Payment order tax assessment 2002 at
RUB 121.8 billion ($4.3 billion)

19 November 2004: Payment order penalty interest 2001 at RUB 39 billion


($1.4 billion)

November 2004: Bruce Misamore, attending a conference in London, is


warned that he may be arrested upon his arrival back in Moscow. Mr.
Misamore stays in London temporarily and never returns to Russia. All senior
YUKOS management who had not already left the country leave Russia

6 December 2004: Retrospective tax assessment 2003 (taxes, penalties,


penalty interest) at RUB 170.4 billion ($6.1 billion). YUKOS is given 2 days to
pay

9 December 2004: Surcharge concerning penalty interest 2001 at RUB 2.7


billion. Surcharge concerning penalty interest 2002 at RUB 8.5 billion.
Payment order tax assessment 2003 at RUB 101 billion ($3.6 billion).

16 December 2004: YUKOS seeks protection from the enforced auction of


YNG by filing for bankruptcy in the US. The company seeks to prevent the
sale through an injunction. The company, based upon the location of CFO,
Bruce Misamore, living in Houston, applies to the court in Houston, Texas. In
the weeklong hearing the US Federal Bankruptcy Court in Texas holds that
events leading to the auction of YNG are inconsistent with the regular
application of Russian law, accepts the bankruptcy case, and grants the
injunction

19 December 2004: Auction of Yuganskneftegaz. Russian law dictates that


there must be at least two bidders and that they must meet a certain quality
and recognition threshold. All participants must also submit a $1 billion
deposit, which is not refundable, to participate in the auction. Only 2

participants are present: Baikalfinanzgrup, set up only 2 weeks before the


auction with an address at a storefront in Tver, and Gazpromneft, although
Gazprom had been warned by YUKOS and its investors not to participate and
therefore does not making the auction void. The auction lasts ten minutes,
with Baikalfinanzgrup the only bidder, acquiring YUKOS majority
shareholding in YNG for $9.35 billion. Baikalfinanzgrup - and therefore also
YNG - are sold to Rosneft shortly afterwards. With the sale of YNG, YUKOS
loses over 60% of its total crude oil production capacity

28 December 2004: S&P cuts YUKOS ratings to 'D' due to missed interest
payment

March 2005 [February 24?]: The US Federal Bankruptcy Court in Houston,


using a provision in US bankruptcy law that allows it to not continue the case
if it believes that it cannot be successful, discontinues the case on the basis
that it does not believe that the bankruptcy will be successful without the
cooperation of the Russian Federation, which it does not believe will occur

2005: Restructuring of YUKOS Netherlands. As an enforced expropriation


would affect the interests of YUKOS and its stakeholders, in 2004 YUKOS
realised that practical legal and commercial steps had to be taken to protect
the rights and assets of YUKOS outside the Russian Federation and began
studying options to protect the assets

April 2005: Stichting Administratiekantoor YUKOS International is set up as


part of a restructuring of assets held by YUKOS Finance BV, a Dutch whollyowned subsidiary of YUKOS. YUKOS Finance gives its shares in YUKOS
International to the Stichting in exchange for depositary receipts

30 May 2005: YUKOS paid RUB 360 billion ($13 billion) up to this date

June 2005: Banks' attachment on YUKOS Finance shares

October 2005: YUKOS establishes a second foundation, Stichting


Administratiekantoor Financial Performance Holdings as part of restructuring
to hold the assets of YUKOS Hydrocarbons, a BVI company

December 2005: By this point, YUKOS has reduced the tax arrears by a
further billion dollars over the course of the year

13 December 2005: Contingent sale of loan of bank syndicate to Rosneft,


contingent upon the bank group forcing YUKOS into bankruptcy. Putin had
promised that he would not bankrupt YUKOS, but instead Igor Sechin - then
Chairman of Rosneft and still Putins deputy - persuaded a consortium of
banks, led by Deutsche Bank and Sociti Gnrale to initiate proceedings in
Russia for the bankruptcy of YUKOS. Rosneft purchased the loan from the
bank group within a few days after the banks forced YUKOS into involuntary
bankruptcy in Russia

18 January 2006: YUKOS gets a new #3.5 billion claim for 2004 back tax

March 2006: Russian authorities begin court proceedings against PwC to


recover alleged taxes

6 March 2006: Start of insolvency proceedings requested by banks. On 6


March 2006, the syndicate of banks petitioned for the bankruptcy of YUKOS
Oil Company. Thereafter, the claim was assigned and Rosneft took over the
treatment of the bankruptcy application. In this way an earlier statement by
President Putin could be cynically realised: that the Russian state would force
the bankruptcy of YUKOS.

13 March 2006: Moscow court schedules to hear YUKOS bankruptcy suit on


March 28

14 March 2006: Transfer of claim of bank syndicate to Rosneft

17 March 2006: Retrospective tax assessment 2004 at RUB 108.4 billion

Russian Federation Insolvency Proceedings Commence

28 March 2006: Start of insolvency proceedings. The Russian insolvency


proceedings were opened on 28 March 2006, and overseen by the appointed
Russian receiver, Eduard Rebgun, whose task was to dispose of YUKOS
assets, should the company be declared bankrupt

April 2006: By this time, 35 of YUKOS senior management, employees and


lawyers had been interrogated, arrested and/or convicted on charges of
embezzlement, money laundering and tax evasion

19 July 2006: IPO Rosneft (Moscow, London). The floatation was widely
perceived as controversial and as the FT put it, failed to attract any large
institutional players. Commentators agreed that Rosneft solicited companies
with large trading operations with it, or that would otherwise be vulnerable to
Russian government harassment to buy shares, otherwise the IPO would have
been a complete failure. There was a lot of criticism voiced from the likes of
veteran financier George Soros, who called on investors to boycott it on ethical
grounds, and Putin's former economic adviser Andrei Illarionov, who called
the deal illegal and a crime against the Russian people, because none of the
proceeds will go into the state budget

20 and 25 July 2006: Meeting of creditors about discharge or bankruptcy of


YUKOS

25 July 2006: Rosneft and the Russian Federation vote to reject the Rescue
Plan prepared by YUKOS to demonstrate that the company can continue

27 July 2006: A Russian court postpones a hearing into Rosneft's $8.4 billion
claim against YUKOS until August 10

August 2006: Russian General Prosecutors Office, via its website, announces
criminal investigations into Bruce Misamore, Steven Theede, David Godfrey
and Tim Osborne. No formal notifications of the investigation are received nor
any charges ever filed

1-4 August 2006: YUKOS declared bankrupt in Russia

December 2006: Tax authorities file proceedings against PwC, accusing them
of helping YUKOS evade taxes

9 March 2007: 20 investigators raid PwCs Moscow offices, confiscating


company files relating to the tax claim against the firm as well as PwCs work
with YUKOS

Late March 2007: Moscow court finds against PwC, imposing a fine of
$645,000

May-June 2007: Douglas Miller, PwC Moscow partner responsible for YUKOS
audits, is questioned

15 June 2007: PwC withdraws its YUKOS audits from 1995 to 2004,
apparently due to pressure from Russian authorities

4 November 2007: Completion of bankruptcy of YUKOS

12 November 2007: YUKOS is dissolved under Russian law

21 November 2007: YUKOS deleted from the Russian Register of Enterprises,


meaning that YUKOS cannot pursue further claims under Russian law, and
that all creditors have been satisfied under Russian law