Khodorkovsky ready to relinquish Yukos shares

Mikhail Khodorkovsky, the jailed former Yukos CEO, is ready to give up his stake in Yukos to save the company from bankruptcy, The Financial Times reported well informed sources said.

"Executives at Yukos yesterday sent a fresh rescue proposal to the government," the newspaper reported, "with Mr Khodorkovsky's approval, suggesting a global settlement for its escalating tax debts in exchange for handing over all or some of the controlling shareholders' stake.

"Mr Khodorkovsky would be willing to give some or all of the 44 per cent stake in Yukos, which he holds with his partners, to the company.

"Yukos would then either hand the shares directly to the authorities or sell them and provide the cash in part settlement of current and future tax claims [the claims for 2000-2001 alone are about 200 billion rubles ($1 is approximately 29 rubles)].

"In exchange, Yukos is seeking the lifting of a court order freezing its bank accounts and the sale of its assets, and three years during which to restructure and fully settle the tax debts, which it estimates are likely to total $7 billion-$ 8billion...

"The details are contained in letters sent by Yukos to both Mikhail Fradkov, the prime minister, and Alexei Kudrin, the finance minister."