Mikhail Khodorkovsky's Indictment and Beyond
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Case Details:
Case Code : BSTA129
Case Length : 14 Pages
Period : -
Organization : -
Pub Date : 2005
Teaching Note :Not Available
Countries : Russia
Industry : -
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Introduction
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Mikhail Khodorkovsky, once the wealthiest man in Russia and
one of the wealthiest in the world, had seen much of his wealth evaporate due to
the collapse of the Russian petroleum company, Yukos.
On 25th October 2003, Khodorkovsky was arrested at gunpoint on a Siberian
airport runway by the Russian prosecutor general's office on charges of tax
evasion.
On 31st October, the government took the unprecedented step of freezing
the shares of Yukos. The Russian Government indicated that it would sell major
assets of Yukos in December 2004.
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Khodorkovsky's supporters felt Putin's actions were a retaliation for the former's support of political groups that opposed the government's policies. Khodorkovsky's opponents believed that he had to answer for
wrong doing related to the privatization of state assets during the 1990s.
On
31st May 2005, following a trial in a Moscow court for fraud, tax evasion,
embezzlement and running a criminal organization, Khodorkovsky was sentenced to
nine years of imprisonment. In addition, the court ordered Khodorkovsky, along
with co-defendant and colleague Platon Lebedev, to pay 17.4 billion rubles ($619
million) in civil damages and penalties.
The Rise of Yukos
In 1995, the Russian Government was facing pressure from international financial institutions to cut inflation and balance the budget. The situation had become so bad that the government was forced to borrow money from commercial banks to meet its obligations. The government introduced a privatization scheme known as
"loans-for-shares"...
Excerpts >>
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