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. Last Updated: 07/27/2016

Western Bank Accumulates Collection of Yukos Shares

Westdeutsche Landesbank has transferred its 15.24 percent stake in oil major Yukos to Standard Bank of South Africa, Yukos said Wednesday.

The transfer has allowed Standard Bank to effectively consolidate Yukos shares, which stayed in non-residents' hands after the oil holding failed to repay loans worth $236 million on time this year. The loans were backed with 31.9 percent of Yukos' shares.

The stake was moved from WestLB to Russian Citibank - a nominal holder of Yukos shares for Standard Bank, Yukos said. Russian Citibank has held 24.31 percent of Yukos shares since late last month, according to the Federal Securities Commission web site.

In July, Standard acquired a Yukos stake from Daiwa Europe Ltd., but the size and price of the purchase were not disclosed. Japan's Daiwa reportedly sold its 13.9 percent stake in Yukos at the same time.

"We hold Yukos shares and we feel comfortable with our investment" Oleg Sheiko, Standard Bank's Moscow-based representative, said Wednesday.

"[The non-residents'] shares are concentrated at Standard," Mikhail Khodorkovsky, Yukos' chief executive, said earlier. "They have an acceptable position. They are going to decide to either to sell them [the shares] or ask us to buy them back."