Yukos's debt to western creditors may improve its standing

As a result of fallout from Russia's economic woes, Russian oil major Yukos has seen nearly a third of its shares fall into the hands of foreign banks. The upshot is that this may have strengthened the company's prospects. Three foreign banks-West Merchant Bank of Germany, Daiwa Bank of Japan, and Standard Bank of South Africa-have gained control of a combined 31.9% percent of the company, entitling them to 8 seats on the 24-member board of directors. Yukos is scheduled to hold an annual general meeting on June 29 to elect a new board of directors, reflecting recent changes in the company's ownership structure. Priobskoye factor In early 1998, Menatep, a me...

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