Yukos Oil Co’s chief resigns

MIKHAIL Khodorkovsky resigned as chief executive of AO Yukos Oil Co, Russia’s largest oil producer, saying he wants to stop prosecutors’ attacks on the company.

Yukos shares jumped by 13%, paring last week’s plunge.

Khodorkovsky, who is in jail awaiting trial on charges of tax evasion and fraud, said he quit to run Open Russia, a charity fund that finances education and media projects.

“I must do everything possible to avert an attack aimed at me and my partners, from our company,” Khodorkovsky said in a statement e-mailed to news services.

Russian police on October 25 arrested Khodorkovsky, the nation’s richest man. Yukos has said the arrest is politically motivated, raising concerns that President Vladimir Putin is letting police erode property rights.

Russia’s benchmark RTS stock index fell 17% in the first four trading days after the Yukos CEO was detained.

Yukos shares soared $1.45 to $12.65 as of 6pm yesterday in Moscow, their highest since before Khodorkovsky’s arrest.