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A decision by Sibneft last weekend to bar Yukos from taking part in an extraordinary shareholders meeting has confused the companies' de-merger deal, rendering any quick resolution of the issue unlikely.
Sibneft formally prevented Yukos representatives from participating in the 28 March meeting, where Yukos--which claims to retain a 92pc stake in its former merger partner (FSUE, 19 March, p8)--wanted to replace the board with its own representatives and change the company's corporate charter. The meeting ended after Sibneft's registrar rejected ballots from Yukos without giving any serious reason for doing so.
Yukos warns that it intends to challenge what it …