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Russian oligarch Yevtushenkov ordered to hand over oil company shares to the state


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Russian oligarch Yevtushenkov ordered to hand over oil company shares to the state

Russian billionaire oligarch Vladimir Yevtushenkov has suffered another legal defeat.

Moscow’s Arbitration Court has ruled the stake he holds in a privatised oil producer – Bashneft – must be given back to the state.

The judge agreed with prosecutors that Bashneft was illegally privatised without federal government approval over a decade ago before being sold to Yevtushenkov’s company Sistema in 2009.

Sistema, which denies the allegations, has one month to appeal against the decision.

Yevtushenkov, who is one of Russia’s richest men, is currently under house arrest in a separate case on suspicion of money laundering related to the purchase of Bashneft.

The case has worried many in Russia’s business community and deepen investors’ fears that the Kremlin wants to reclaim prized assets.

Some see echoes of the events surrounding Mikhail Khodorkovsky, once Russia’s richest man.

He was jailed on fraud and tax evasion charges after falling out with President Vladimir Putin and his Yukos oil company seized by the government.

with Reuters

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