Khodorkovsky Unable to Pay Off Debt, Ready to Give Up Shares

The former head of Yukos oil company, Mikhail Khodorkovsky, said he is unable to pay off the company’s debts from his own funds.

In an interview provided to Interfax news agency by his lawyers, Khodorkovsky said he received only dividends from his company. For the nine years of the company’s existence, their entire sum did not exceed a billion dollars and was reinvested in the company.

Khodorkovsky said it is possible that he will lose his company. “I am ready to give [up] my share holding not to let it collapse, to keep the technology system and the corporation that pays high salaries and huge taxes, provides to the social and economic stability of the country,” he said.

The former Yukos head was quoted by the agency as saying he regrets that he did not quit the business in 2000-2001. “The interests of business and of the civil society are different, often opposite,” he explained. Khodorkovsky said he intends to concentrate on social projects.

HERE