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In , he became Chairman of the Board of Bank Menatep , which he founded. After the dissolution of the Soviet Union , in the mids, he accumulated considerable wealth by obtaining control of a number of Siberian oil fields unified under the name Yukos , one of the major companies to emerge from the privatization of state assets during the s a scheme known as " Loans for Shares ".
In , Khodorkovsky founded Open Russia , a reform-minded organization intending to "build and strengthen civil society" in the country. In October , he was arrested by Russian authorities and charged with fraud. Putin's government took further actions against Yukos, leading to a collapse of the company's share price and the evaporation of much of Khodorkovsky's wealth.
In May , he was found guilty and sentenced to nine years in prison. In December , while he was still serving his sentence, Khodorkovsky and his business partner Platon Lebedev were further charged with and found guilty of embezzlement and money laundering.
Khodorkovsky's prison sentence was extended to After Hans-Dietrich Genscher lobbied for his release, Putin pardoned Khodorkovsky, releasing him from jail on 20 December There was widespread concern internationally that the trials and sentencing were politically motivated. Khodorkovsky lodged several applications with the European Court of Human Rights , seeking redress for alleged violations by Russia of his human rights.