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Yukos to Be Declared Bankrupt

The bankruptcy hearing of Russia's oil company Yukos has begun in Moscow

Yukos to Be Declared Bankrupt

The bankruptcy hearing of Russia's oil company Yukos has begun in Moscow.

The bankruptcy suit was brought by a group of 14 foreign banks that were owed $482m by Yukos, but they have since sold this debt to Rosneft.

State-run oil giant Rosneft intends to snap up its remaining assets.

Yukos' collapse has happened in 2003 when when the Kremlin ordered it to pay back taxes totalling $32bn.

In 2004, a forced auction saw its main oil producing assets sold to Rosneft.

On Tuesday, the court put Yukos under external supervision, meaning that major decisions now have to go through a temporary manager.


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