Mikhail Khodorkovsky
Who was Mikhail Khodorkovsky?
Former CEO of oil company Yukos who was once Russia's richest man before being imprisoned on tax evasion charges from 2003-2013. He now lives in exile and campaigns for political reform in Russia through his Open Russia foundation.
Biographical data adapted from Wikipedia’s article on Mikhail Khodorkovsky (CC BY-SA 4.0).
Biography
Mikhail Borisovich Khodorkovsky was born on June 26, 1963, in Moscow, Soviet Union. He studied at the D. Mendeleev University of Chemical Technology of Russia and the Plekhanov Russian Economic University, gaining both technical and economic knowledge during a time of change in Soviet society. He advanced in the Komsomol, the Communist youth organization, and later moved into business as the Soviet Union began to open up under Mikhail Gorbachev's policies of glasnost and perestroika in the late 1980s.
In 1989, Khodorkovsky founded Bank Menatep and became its chairman, making him one of the early private bankers in the late Soviet and post-Soviet era. After the Soviet Union collapsed, he took advantage of the chaotic privatization period of the 1990s, especially through the controversial 'Loans for Shares' program, to take control of several Siberian oil fields, which he combined under the name Yukos. By 2003, Yukos had grown into one of Russia's largest oil producers, and Khodorkovsky was worth an estimated $15 billion, ranking him 16th on the Forbes global billionaires list and the richest person in Russia at the time.
In October 2003, Russian authorities arrested Khodorkovsky on fraud charges. President Vladimir Putin's administration subsequently froze Yukos shares on tax-related claims, triggering a series of legal actions that slashed the company's share price and wiped out most of Khodorkovsky's wealth. In May 2005, he was convicted and sentenced to nine years in prison. In December 2010, while still in prison, he and his business partner, Platon Lebedev, faced more charges of embezzlement and money laundering, leading to an extended sentence until 2014. Many international observers and human rights groups saw the prosecutions as politically driven.
After former German Foreign Minister Hans-Dietrich Genscher pushed for his release, President Putin pardoned Khodorkovsky on December 20, 2013. He left Russia and eventually resettled in London, where he returned to his activism. He revived his Open Russia foundation, initially started in 2001, focusing on promoting civil society and democratic reform in Russia. Through Open Russia and various public platforms, he has become one of the leading voices in the Russian opposition abroad, often speaking on Kremlin policies and pushing for a political future beyond Putin. He received the Lech Walesa Award in 2013 and the Hayek Medal in 2017 for his work promoting freedom and democratic values. He is married to Inna Hodorkovska.
Before Fame
Khodorkovsky grew up in Moscow during the late Soviet era, a time of centralized economic planning, strict ideology, and very little private enterprise. He studied at two well-known Moscow institutions, gaining scientific and economic knowledge that came in handy as Soviet structures began to break down. He climbed the ranks within the Komsomol organization, which was a common route for young, ambitious Soviet citizens looking for influence and professional connections.
When Gorbachev's reforms made it possible in the late 1980s, Khodorkovsky was quick to jump on the chance to start cooperative businesses and private banking. He founded Bank Menatep in 1989, putting him among the early group of entrepreneurs who would later become very wealthy during the chaotic privatization of the 1990s. This era saw the transformation of the Soviet state's industrial assets into privately owned businesses, often in unclear ways.
Key Achievements
- Founded Bank Menatep in 1989, one of the first private banks in the Soviet and post-Soviet space.
- Built Yukos into one of Russia's largest oil companies, becoming Russia's wealthiest individual by 2003.
- Established Open Russia in 2001 to promote civil society, later rebuilding it in exile as a major opposition platform.
- Received the Lech Walesa Award in 2013 and the Hayek Medal in 2017 for his advocacy of democratic freedoms.
- Emerged as one of the most internationally recognized critics of Vladimir Putin's government following his release from prison in 2013.
Did You Know?
- 01.At his peak in 2003, Khodorkovsky's estimated fortune of $15 billion made him the 16th wealthiest person in the world according to Forbes.
- 02.He founded Open Russia in 2001, two years before his arrest, originally as a civil society initiative, later re-establishing it in exile as an anti-Putin opposition organization.
- 03.His prison sentence was extended while he was already serving it, following a second trial in December 2010 that added embezzlement and money laundering charges.
- 04.Former German Foreign Minister Hans-Dietrich Genscher personally lobbied Vladimir Putin for Khodorkovsky's release, which came as a presidential pardon in December 2013.
- 05.Khodorkovsky is sometimes identified publicly by his initials, MBK, particularly within Russian opposition and dissident circles.
Family & Personal Life
Awards & Honors
| Award | Year | Details |
|---|---|---|
| Lech Wałęsa Award | 2013 | — |
| Hayek Medal | 2017 | — |