Case Study of YUKOS

Part of the St Antony’s Series book series


Accounts of the rise and fall of YUKOS typically begin with the collateral auction of December 1995, and the subsequent sale of these shares together with an investment tender a year later, which gave Khodorkovskiy’s Menatep group control of over 85% of YUKOS’s shares.1 However, this focus on Khodorkovskiy mistakenly ignores the significance of the preceding years when YUKOS was founded and corporatized. During this time, the key roles were played by former members of the nomenklatura, whose ability to shape the development of YUKOS was a result of institutional legacies and incentives, as well as of personal choices and preferences. In contrast, Khodorkovskiy played a key role in the actual privatization of YUKOS in 1995 and was also central to the YUKOS affair of 2003–2004.


State Bureaucracy Russian Bank Deputy Prime Minister Presidential Administration Auction Winner 
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  1. 70.
    See Mikhail Loginov, ‘Novyy etap bankovskogo krizisa: Vot i novyy avgust podoshel’, Kommersant’-Daily, 16 July 1996.Google Scholar
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    Viktor Ivanov, ‘Privatizatsiya v TEKe: Neft’ ostaetsya v gossobstvennosti’, Kommersant’-Daily, 12 September 1996.Google Scholar
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    Andrey Bagrov, ‘Novaya kontseptsiya zalogovykh auktsionov: Sovet bezopasnosti polozhil glaz na pakety i banki’, Kommersant’-Daily, 21 September 1996.Google Scholar
  4. 99.
    See Losev, ‘Priglashenie “YUKOSa” na kazan; and Elena Dikun, “Delo Yukosa”v sude’, Moskovskiye novosti, 21 May 2004.Google Scholar
  5. 104.
    From Semen Kukes, ‘Zven’ya odnoy tsepi’, Neftegazovaya vertikal’, no. 11, 2003.Google Scholar
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    Masha Lipman, ‘The Taming of a Tycoon — and of Russia’, The Washington Post, 16 June 2004.Google Scholar

Copyright information

© Li-Chen Sim 2008

Authors and Affiliations

  1. 1.Zayed UniversityUnited Arab Emirates

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