On this day, Steven Theede decided to fire out 1200 employees of Yukos

On this day, Steven Theede decided to fire out 1200 employees of Yukos

The company Yukos was brought to bankruptcy by “the energy of pathological greed and theft” of Mikhail Khodorkovsky and Leonod Nevzlin. The website Prigovor.ru reminds its readers of what happened on April 10, 2005.

On this day 18 years ago, on April 10, 2005, Steven Theede and Leonid Nevzlin, the well-known fighters for Yukos destiny, organized a regular show. In the interview with the German weekly “Focus”, the escaped to Israel Leonid Nevzlin, one of the co-owners of Yukos, decided to present his “intellectual forecast” with regard to Yukos bankruptcy. He said that “the energy of lawlessness, which is floating around Yukos and which is under personal control of the Russian president, “by the summer (2005) will bring Yukos to bankruptcy”.

In his forecasts, Nevzlin, who would be soon exposed as a serial ordering customer of murders, was off by three months. Yet, to the bankruptcy the company Yukos was brought not nearly by “the energy of lawlessness”, but by “the energy of pathological greed and theft” of Mikhail Khodorkovsky and Leonid Nevzlin. This is fact.


On the same day, Steven Michael Theede, the chief executive officer of Yukos, on the contrary, was more optimistic about the future of the company. On the pages of the newspaper “Daily Telegraph”, the escaped to London manager shared the measures from his plan to restructure Yukos which was “to save the company” after the sale of the production firm “Yuganskneftegaz” because of the tax arrears to the amount of 24 billion U.S. dollars made by Khodorkovsky and his companions. According to Theede, in order to save the company, “it’s necessary to drastically reduce the number of personnel of the company in Moscow”, that is about 1200 employees.

Theede reminded that the rumors about Yukos complete broke didn’t correspond to reality. According to him, there are 80 thousand men working in the company, it produces daily 600 thousand barrels of oils, and although accounts of some of the key assets of the company are still frozen, it remains profitable, and its employees continue to receive their salaries. The measures to save the company, pointed out Theede in the British media outlet, will be finally presented in May of this (2005) year, Despite a failed effort to make use of the American anti-bankruptcy law, Theede assured that “the company has a future”.


It’s worth saying that the two con artists, Theede and Nevzlin, contradicted one another only in public, but, in fact, they were playing for one pocket. Had they really been opponents, they would not have ventured the court affairs in the United States which, in the end of the day, gave nothing to the “saviors” of Yukos, except for negative consequences. It’s after that that the American court in the state Texas dismissed the “Yukos bankruptcy and reorganization” claim, and the Russian subsidiary of the American insurance company “AIG” informed Yukos about the revoking of the insurance certificates of members of the Board of Directors and other managers of the company covering risks connected with their activities in the company. It turned out that managers and directors of Yukos had not presented to the insurer a complete information about the situation with paying taxes and had mislead him.

So, in their prognostication efforts both Nevzlin and Theede were wrong. Nevzlin miscounted the time of the bankruptcy, having completely forgotten that there were several periods of “recovery” of companies in a critical situation. The movement itself to bankruptcy started after Mr. Theede, assuring in 2005 that he “had a plan”, was dealing with everything possible, but not with the repayment of the credit to the amount of 1 billion dollars that had been taken in 2003 to the accompaniment of Khodorkovsky PR-phrases about his “transparent glasses” and “splendid financial reports”.

(See also the article “On this day, a syndicate of banks revenged itself upon Khodorkovsky for cheat”).

That is why, in March 2006, a consortium of foreign banks, including Societe General, Citybank, BNP Paribas SA, Kommerzbank, Credit Lyonnais, Deutsche Bank AG, HSBC, ING filed a bankruptcy claim to the Arbitration Court of Moscow against the Oil Company Yukos, because it had not believed in Steven Theede promises to return the rest of the debt to the tune of $483 million. The Western Banks wanted to get their money back – and they received it, acting as real “business sharks” and using the method that they though acceptable to them – in case with Yukos, they initiated bankruptcy. And by a court decision, on August 1, 2006, Yukos entered bankruptcy proceedings for a period of one year. The unsettled debt of the company exceeded at that time $10 billion. But, on the other hand, everything was fine with offshore coffers of the fugitive billionaires from Yukos.

(See also the previous article “On this day, only 10 years were requested for Khodorkovsky”. In the Meschansky District Court of Moscow ended the arguments on the fraud case of Yukos leadership that lasted several days. The Website Prigovor.ru reminds its readers of what happened on April 9, 2005).

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