Investors’ memories are notoriously short but a 1,000% increase in the share price of Yukos, Russia’s second largest oil company and its most notorious shareholder rights abuser, seems to denote nothing less than mass amnesia.
Yukos has been on a charm offensive since the start of the year and investors are beginning to buy. What is changing attitudes is not so much the hype as the company’s performance. To encourage investors’ confidence that the company intends to put its money where its mouth is, it paid out $100 million in dividends in September: a rare event in Russia.
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