In russia's first years as a market economy, crooks and businessmen were one and the same. But Mikhail Khodor-kovsky, 40, the richest man in Russia, was a self-imposed reform movement. His Yukos Oil Co. enjoys a reputation among foreign investors as perhaps the most Western-like company in Russia. It has a cluster of Americans on its board; among top management, it uses U.S. accounting standards; and it was the first Russian com-pany to detail its precise ownership struc-ture. Yukos has been talking with both ExxonMobil and ChevronTexaco about the possible sale to one of them of as much as 40% of its equity, according to people fa-miliar with the negotiations. But when Khodorkovsky was arrested last week on tax evasion and other charges, following months of intimidation, alarm bells went off in Russia and around the world. Prosecutors froze a 44% stake in Yukos, the world's fourth largest oil company and the source of Khodorkovsky's wealth, estimated last year at $8 billion. Khodorkovsky denies any wrongdoing, and his lawyers say the charges are purely political.
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