On September 5, 1997, a company called "Flaymon Limited" was registered in Gibraltar. As of October 27, 1997 the total share capital of «Flaymon Limited» comprised 5 million shares, of which Mikhail Khodorkovsky held 10.5%, Leonid Nevzlin 9%, Mikhail Brudno 7.75%, Platon Lebedev 7.75%, Vladimir Dubov 7.75%, and Alexey Golubovich 5%. The remaining 50% stake was held by trust management company "Palmus Foundation" in Liechtenstein. On December 29, 1997 «Flaymon Limited» was renamed as "Group MENATEP Limited", with a registered capital of 20 million pounds. Valmet, a Geneva-based global trust business, founded by Christian Michel, agreed in early 1989 to advise Khodorkovsky's group of young businessmen. Valmet later held the key to the Group Menatep fortune, holding shares via nominee ownership schemes and organizing the transfer of vast sums of money via its network. As of June 19, 2002 the total share capital of "Group MENATEP Limited" was distributed as follows: Mikhail Khodorkovsky held 9.5%, Leonid Nevzlin 8%, Mikhail Brudno 7%, Platon Lebedev 7%, Vladimir Dubov 7%, Vasily Shakhnovsky 7%, and others 4.5%. The remaining 50% stake was held by a trust fund "Special Trust Arrangement". The sole beneficiary of the trust fund "Special Trust Arrangement" on June 19, 2002 was Mikhail Khodorkovsky. Group MENATEP Limited was the owner of 100% shares of the company "Yukos Universal Limited", registered in the Isle of Man. The company "Yukos Universal Limited" in turn owned 100% of the shares of the company "Hulley Enterprises Limited", registered in Cyprus. As of April 2000, the company "Hulley Enterprises Limited" owned more than 52% of shares of JSC "NC" YUKOS. As of June 10, 2002, Group MENATEP Limited owned 100% share capital of Yukos Universal Limited, the Isle of Man offshore vehicle which held and controlled 1,364,904,402 shares or 61.01% stake in Yukos. Yukos Universal Limited directly held 79,288,881 shares or 3.54%, while another offshore vehicle, Hulley Enterprises Ltd., a Cyprus-registered wholly owned subsidiary of Yukos Universal Ltd., held 1,285,615,521 shares or 57.47% of the aggregate number of shares of the Company.