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Yukos minority shareholders mobilize for legal action

[JURIST] Minority shareholders of embattled Russian oil company Yukos [corporate website; JURIST news archive] have begun to coordinate their efforts to ensure that losses incurred after Russia's dismantling of the oil company will be recouped. Shipston Group, a Bahamas-based investment fund, is coordinating the efforts and Shipston's manager said Thursday that the minority shareholders are seeking to be given a proportional share in Yuganskneftegaz, Yukos' former production facility auctioned off [JURIST report] last December in order to help pay off Yukos' $28 billion back tax bill. Shipston said that the minority shareholders will take legal action, if necessary to recoup their losses and said that the group will follow the example set by Menatep, Yukos' majority shareholder, which has filed a $28 billion lawsuit against Russia [JURIST report] and has promised to file other lawsuits in western courts. AP has more.

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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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