Source Pravda.Ru

Yukos' financial director resigns

The financial director of OAO Yukos has resigned from the embattled Russian oil producer, the company said Thursday.

In a statement, Yukos's board of directors said they had accepted Bruce Misamore's resignation, and said it would be effective as of Dec. 31.

The Russian business newspaper Vedomosti on Thursday quoted Misamore, a U.S. citizen, as writing that the company's troubles were so grave, he felt he could no longer "effectively represent the company and fulfill the duties of financial director."

"Mr. Misamore played a critical role in the development of &to=http://english.pravda.ru/main/18/88/351/14522_Yukos.html' target=_blank>Yukos into an internationally respected, transparent corporation which, during his five-year tenure, met international standards of corporate governance and attracted some of the worlds leading investors," the company said in a news release.

Also, "they recognized that Mr. Misamore, like the whole management team, aimed to ensure that despite the unwarranted attacks on the business, personnel and their families, that the company did not fail in its duties to all stakeholders in and outside of Russia," the company said.

Yukos, which was once Russia's largest oil producer, has been all but dismantled under billions of dollars of back taxes that critics claim were politically motivated.

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