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  Thursday, October 29, 2020
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The deadline for proposing candidates for a new Yukos board of directors expired yesterday
The deadline for proposing candidates for a new Yukos board of directors expired yesterday (the board of directors must hold a meeting no later than December 15 to approve a list of candidates for a vote at an extraordinary meeting due on January 13, 2005). Not a single candidate has been proposed. Accordingly, Yukos may stop work without declaring itself bankrupt, because its most senior managers are not working in their positions: some have demanded that their powers be terminated, while others are currently abroad to avoid any possible claims from the Prosecutor General's Office, Commersant writes. When commenting on the present situation, Viktor Gerashchenko, chairman of the Yukos board of directors, said the foreign board members no longer believed the company had a future and had asked that their powers be terminated early. "As the board of directors was elected at a shareholders' meeting by a cumulative vote, it may only resign as one body and individual members cannot do so," Mr. Gerashchenko said. "Unless we receive a proposal, no meeting will be held. But, without new candidates, it is impossible to terminate the powers of the old members." Tim Osborne, the managing director of Group Menatep, which is the main Yukos shareholder, said the group had not put forward any candidates to the board of directors. At present, Group Menatep is closely following the developments around the sale of Yuganskneftegaz, the core Yukos production unit. The group's decision on proposing candidates for the Yukos board of directors will largely depend on how the situation concerning the sale of this company develops, Mr. Osborne said. This course of events probably suits the Yukos management and most of its board of directors. At a shareholders' meeting on December 20 (the day after the Yugansk auction is held), managers will be advised to file for bankruptcy. This application will have to be considered in court within five days, and, if accepted, the management and the board of directors will automatically resign.
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