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. Last Updated: 07/27/2016

04/09/1997

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Izvestia Awaits LUKOIL's Shares Move

The editorial board of the Izvestia newspaper adopted a wait-and-see posture at a meeting Tuesday, responding to a warning from its major shareholder, oil company LUKOIL, that it might sell its stake in protest of the paper's political coverage. Foreign Editor Sergei Agafonov said the newspaper would wait until LUKOIL gave a clearer indication as to whether it is going to sell or keep its stake in Izvestia. He said LUKOIL would likely decide Wednesday. LUKOIL President Vagit Alekperov said this week he was upset with Izvestia for reprinting a story from French newspaper Le Monde, which alleged that Prime Minister Viktor Chernomyrdin had a personal fortune of $5 billion. He distanced himself from the article and said the company may reconsider its investment in the newspaper. According to the editors of Izvestia, LUKOIL controls more than 40 percent of the newspaper's shares through a number of subsidiaries. A shareholders meeting is due to take place April 22.

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