The new head of Russian oil giant YUKOS said this morning after taking over the reins that he planned no major changes in operations in the embattled firm.
Mr Simon Kukes, a Russian-born US citizen, mapped out his plans for the company as President Vladimir Putin tried to calm foreign investor worries over the case which analysts say points to Kremlin interference in big business.
"We don't plan any changes in company behaviour because the company is behaving normally. Everything stays intact and we have a strong team," Mr Kukes told a news conference.
Mr Kukes, who emigrated to the US in 1977 and has been involved in the oil business for 25 years, took over yesterday from detained billionaire Mr Mikhail Khodorkovsky who stepped down, saying he wanted to spare the company any further problems.
Russia's financial markets appeared to stabilise after stocks jumped yesterday on news of Mr Khodorkovsky's resignation.
But YUKOS shares were down 2.61 per cent in the morning, putting them at more than 15 per cent below their level before Mr Khodorkovsky's gunpoint arrest on October 25th on charges of tax evasion and fraud.
The appointment of Mr Kukes to replace Mr Khodorkovsky appeared to have reassured investors that the oil company would be run effectively.