In 1995, Yukos was one of Russia’s largest oil producers. But, like other companies, it suffered from the economic and financial decline of the post-communist era.
Privatisation allowed a new team to introduce proper standards of corporate governance and financial transparency, and invest heavily in new technology. From 2001, Yukos filed quarterly reports in line with US Generally Accepted Accounting Principles.
In 2002, the company's majority shareholder, GML, published its entire ownership structure. You can consult the ownership structure as disclosed during the arbitration proceedings here.
In 2003, Yukos employed 100,000 people, became the country's second largest taxpayer, reached a market value of $33 billion, and joined the Financial Times top 10 global companies for shareholder confidence.