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  Wednesday, December 2, 2020
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Russia's federal property fund will hold an auction Friday to sell office and research assets of the now bankrupt oil company Yukos
Russia's federal property fund will hold an auction Friday to sell office and research assets of the now bankrupt oil company Yukos [RTS: YUKO]. Yukos, once Russia's largest oil company, was declared bankrupt August 1, 2006, after three years of litigation with tax authorities over the company's tax arrears. Yukos, whose founder Mikhail Khodorkovsky is serving an eight-year prison term in Siberia after being convicted of fraud in May 2005, faces a total of more than 700 billion rubles (about $26.9 billion) in claims from creditors. The initial price of the lot that includes a 22-storey building of the bankrupt company's central office in Moscow is 22 billion rubles (about $855 million) with a bid increment of 110.36 million rubles (about $4.3 million), the federal property fund said. There is no information on bidders for the lot and no large company has expressed its interest in the auction.
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